Income Tax Law & Practice II Capital Gains

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of _____ from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn.

• (a) 1 year

• (b) 3 years

• (c) 5 years

• (d) 2 years

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

• (a) Ture

• (b) false

• (c) Individual

• (d) Huf

If STT is paid, then LTCG tax on the transfer of listed equity share is.

• (a) 15%

• (b) 5%

• (c) 10%

• (d) Nil

Indexation is applicable to.

• (a) Sale of long term debentures

• (b) Sale of short term capital assets

• (c) Sale of depreciable capital assets

• (d) Sale of long term capital assets which are not depreciable assets

FMV on 1.4.81 is applicable to assets.

• (a) Acquired prior to 1.4.2001

• (b) Transferred prior to 1.4.2001

• (c) Acquired after 1.4.2001

• (d) None of the above