Income tax law and 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 (2)

Which of the following is not a requisite for charging income-tax on capital gains –

• A. the transfer must have been effected in the relevant assessment year

• B.there must be a gain arising on transfer of capital asset

• C.capital gains should not be exempt u/s 54

• D.capital gains should not be exempt u/s 54ec

The following shall not be regarded as capital asset:

• A. urban land

• B.securities held by a foreign institutional investor as per sebi act, 1992

• C. archaeological collections

• D.motor car

The following shall not be regarded as capital asset:

• A.jewellery

• B.rural agricultural land

• C.archaeological collections

• D.personal residential house

The following shall be regarded as capital asset:

• A.jewellery

• B.sculptures

• C. archaeological collections

• D. all of the above