Capital Gains

Capital Gains

Professional Development

10 Qs

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Capital Gains

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Assessment

Quiz

Other

Professional Development

Practice Problem

Easy

Created by

Balraj Gill

Used 11+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The benefit of section 54 is available only to an individual or a HUF.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To avail the benefit of section 54, the asset transferred should be ____________, being a residential house property

Short-term capital asset

Long-term capital asset

Short-term or long-term capital asset as per the choice of the assessee

Short-term or long-term capital asset as per the choice of the Assessing Officer

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To avail the benefit of section 54, within a period of ____________or________after the date of transfer of the old house,the taxpayer should purchase a new residential house in India.

1 year before, 3 years

2 years before, 2 years

1 year before, 2 years

3 years before, 1 year

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Exemption under section 54 can be claimed in respect of any number of residential house properties purchased/constructed in India as well as outside India.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After claiming benefit under section 54, if new house is transferred within a period of _____ from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn.

1 year

3 years

5 years

7 years

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the transaction is considered as a STCG, ___ % of the money earned as profit will have to be paid in taxes. If an NRI was to sell a property for Rs 1 crore that he bought for Rs 75 lakhs within one-and-a-half-years of its purchase, he will have to pay Rs. ____ lakhs of the Rs 25-lakh profit, as STCG.

20 % or Rs. 5 Lakhs

20.60 % or Rs. 5.15 Lakhs

30 % or Rs. 7.5 Lakhs

10 % or Rs. 2.5 Lakhs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With effect from assessment year 2018-19, the period of holding in case of immovable property, being land or, building or both, is reduced from 36 months to 24 months, to qualify as long-term capital asset.

True

False

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