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Calculate his taxable income and tax liability

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Question - Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex- wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16 lakh rupees. Out of happiness he gifted his wife a diamond set of rupees 450000. He bought a life insurance policy and paid a premium of 55000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 35 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 7000 and after which he bought a health insurance for rupees 28000. Calculate his taxable income and tax liability.

Reference no: EM133169005

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