GDB of FIN723 - Taxation Management (Need Solution)

[Muhammad Husnain Mughal]

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Determine as per Sec. 80 of the Income Tax Ordinance 2000, legal status of the concerns involved in the following cases:
a) Alfa and Beta being the co-owner of an inherited property worth Rs. 10 million are earning annual rental income of Rs. 1.20 million for the last three years.
b) Mr. Sachin – youngest son in a rich Hindu family living in Lahore has given to his grandfather an amount of Rs. 875,470 from the salary received during the current tax year.
c) US Aid Pakistan - a USA based international organization working for educational opportunities and cultural relations across the Globe also involved at present in Pakistan for the same.
d)Institute of Cost & Management Accountants Pakistan (ICMAP)
e)Mrs. Zia is holding a bank account jointly with his husband to manage her monthly salary of Rs. 157,210.

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