Income Tax Law & Practice II - Capital Gains

The charging section of the income under the head capital gains is

• a) Section 15

• b) Section 17

• c) Section 10

• d) Section 45(1)

What are the conditions to be fulfilled for charging of income under the head capital gains

• a) There must be a capital asset

• b) There must be a transfer of such capital asset

• c) The transfer of such capital asset has been affected during the previous year

• d) All of the above

Which of the following assets shall be treated as short term capital assets if these assets are held for not more than 24 months?

• a) Unlisted shares of companies

• b) An immovable property being land and building

• c) All of the above

• d) None of these

Capital gain is the gain which arises from the transfer of

• a) Land & Building only

• b) Shares of a Blue chip company

• c) Capital asset

• d) All of the above

Which of the following is not regarded as transfer of capital asset?

• a) Conversion of assets into stock-in-trade

• b) Sale or exchange of an asset

• c) Redemption of zero coupon bonds

• d) Any transfer of a capital asset under a gift or will or an irrevocable trust