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Compute the total income and tax liability of Mr. X aged 60 years, a professor at a college affiliated to Delhi University, for the assessment year 2024-25 on the basis of the following particulars (calculate as per old tax regime):
| Particular | Rs. |
|---|---|
| I) Salary @ Rs. 50,000 per month $6,00,000$ | $6,00,000$ |
| II) Dearness allowance @ $50%$ of salary | $3,00,000$ |
| III) Wardenship allowance @ Rs. $1,500$ per month | $18,000$ |
| IV) Examinership remuneration from University | $85,400$ |
| V) Royalty from books of artistic nature | $2,73,000$ |
| VI) Income from card games | $16,400$ |
| VII) Winnings from lottery (Gross) | $30,000$ |
| VIII) Expenses on lottery tickets | $5,000$ |
| ix) Interest on saving bank deposit | 17.000 |
| x) Interest on term deposit with bank | 100.000 |
| xi) Deposit in recognized provident fund | 122.000 |
| xii) Life insurance premium paid | 30.000 |
Mr. Nagraj, who is not covered under Payment of Gratuity Act, retires on 25 December, 2023 from ABC Ltd. After the service of 36 years 9 months. He received gratuity amount of Rs 5,00,000. His salary is Rs. 6,000 per month up to June 30, 2023 and 7,000 per month from July 2023. He also gets D.A. of Rs. 1,000 per month (70% of which is considered for service benefit). Find the taxable amount of Gratuity for the A.Y. 2024-25.
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