Income From Other Sources Chapter- 13
CA CAF- 6 PAST PAPERS THEORECTICAL QUESTIONS
Q. NO. 2 (a)(iii) Spring 2022
Under the provisions of the Income Tax Ordinance, 2001 discuss the tax
implication/treatment in each of the following independent matters:
Profit on debt received by a non-resident person on a security issued by a
resident person.
Q. NO. 3 (b) Autumn 2019
Haris sold two of his personal vehicles during the current year and earned profit of Rs. 550,000.
Discuss the taxability of profit earned by Haris in the context of capital gain/loss.
Q.2 (a) March 2008 Mr. Anil is constructing his house and for the purpose of meeting construction
expenses, he intends to take a personal loan of Rs.500,000 from Mr. Kamran who is in the business of
money lending. He has been advised by one of his friends that such a loan may be included in his taxable
income, under certain circumstances.
You are required to advise Mr. Anil about the circumstances under which the loan may be included in his
taxable income.
Q.1 Sept 1999
(i) Which types of income are included under income from other sources?
(ii) What are allowable deductions from income from other sources?
Q.4 (ii) Sept 1999 Mr. Fawad got possession of a shop on 21.7.1997 by paying Rs. 100,000 as pugree to
the outgoing tenant. On 26.5.1998 he vacated the possession of the said shop and received Rs. 650,00 0
as consideration for vacating the possession. What will be tax treatment of this amount in his income for
the tax year 1998.
Q.2 Sept 1998 Give examples of income from other sources.
Q.4 Sept 1998 Mr. XYZ / MD of a public company attended a seminar on the subject of taxation. One of
the speakers of the seminar in his speech said that it is necessary to determine (a) tax status of the
taxpayer to calculate the correct taxable income and tax liability (b) he also said that expenditure incurred
by a taxpayer may be of two types i.e. capital expenditure or revenue expenditure and (c) he further said
that the income tax Statute while taxing the income also provides relief from taxes as well under the
provisions section 53 of the Income Tax ordinance.
The MD has asked you as a Chief Accountant to explain to him in a write-up:
(i) How does tax liability differ according to the tax status of the person?
(ii) Does the tax treatment differ in respect of capital and revenue expenditure? If so explain with
examples.
(iii) How and to what exemptions from tax are provided u/s 53 (now 147 under Income tax Ordinance,
2001) of the Income Tax Ordinance, 1979.
Q.9 April 1995
i. Indicate which of the following income is exempt whether fully or partly:
ii. Interest on foreign currency accounts
iii. Income of professional sportsmen from benefit matches
ix. Dividend income from listed companies