Income Tax Law & Practice-II - Capital Gains

Under which section, the assessee has to reinvest the entire net consideration to claim a full exemption for the long-term capital gains earned during a previous year

• (A) Section 54EC

• (B) Section 54F

• (C) Section 54GA

• (D) Section 54D

Short-term capital gains arising from the transfer of equity shares in a company or units of an equity-oriented fund or units of a business trust charged with security transaction tax are subject to income tax at the rate of

• (A) 10%

• (B) 15%

• (C) 205

• (D) Normal rate

The amount of exemption eligible under Section 54EC is

• (A) Nil

• (B) ₹ 50 lakh

• (C) ₹ 55 lakh

• (D) ₹ 105 lakh

Which of the following is not a capital asset for Mr. Rao who is employed in a public sector bank?

• (A) Urban land

• (B) Agricultural land within 2 km from local limits of the municipality

• (C) Deposit certificate issued under Gold Monetization Scheme, 2015

• (D) Jewellery

Out of the following, which income is chargeable as capital gain:

(i) from the transfer of self-generated goodwill of profession.

(ii) from the transfer of personal jewelry

(iii) from the transfer of paintings and art-work

(iv) from the transfer of furniture utilized for personal use

Select the correct answer from the options given below:

• (A) (i)and(ii)

• (B) (ii) and (iii)

• (C) (i), (ii) and (iii)

• (D) All the four