Income Tax Law & Practice-II-Capital Gains

In terms of Section 2(42A), unlisted securities are treated as a long-term capital asset, if they are held for a period of more than

• (A) 24 Months

• (B) 36 Months

• (B) 12 Months

• (D) 48 Months

For claiming exemption u/s 54G, an assessee has to invest the resultant capital gains within a specified period. Which of the following is not eligible .for such investment?

• (A) Furniture

• (B) Land

• (C) Building

• (D) Plant or machinery

Section 50C makes special provision for determining the full value of consideration in cases of transfer of

• (A) Plant and machinery

• (B) Land or building

• (C) All movable property other than plant & machinery and computers

• (D) Computers

Aman entered into an agreement with Brij for the sale of a building for ₹ 20 lakh in June 2021. Aman received an advance of ₹ 2 lakh. Subsequently, the agreement was canceled and Aman forfeited the advance money. The advance money is

• (A) To be reduced from the cost of acquisition

• (B) To be reduced from the indexed cost of acquisition

• (C) Taxable as capital gains

• (D) Taxable as income under the head’s income from other sources.

Ramesh received ₹ 7 lakh by way of enhanced compensation in March 2022. A further sum of ₹ 2 lakh decreed by the Court is due but not received till 31st March 2022. The amount of income chargeable to tax for the AY 2022-23 would be

• (A) ₹ 3,50,000

• (B) ₹ 7,00,000

• (C) ₹ 9,00,000

• (D) ₹ 4,50,000