Income Tax Law & Practice-II (Income from other sources)

Which of the following income will be taxable as income from other sources?

• (A) Purchase of house from husband for inadequate consideration

• (B) Purchase of painting from the registered dealer at invoice value less than fair market value

• (C) Cash gift from a non-resident friend on marriage anniversary

• (D) All of the above

John, engaged in fertilizer trade, received rent by sub-letting a building. This will be taxable under the head

• (A) Income from house property

• (B) Income from capital gains

• (C) Income from profits and gains of business and profession

• (D) Income from other sources [June

The aggregate value of monetary gift received during the previous year is exempted , if it

• A) Doesn’t exceed 50,000

• B) Exceed 50,000

• C) Exceed 45,000

• D) None of the above

Income from others sources may be includes

• A) Indian company dividend

• B) Dividend from units

• C) Foreign company dividend

• D) All of the above

The amount of dividend received from cooperative society is…..

• A) Partly taxable

• B) Exempted

• C) Taxable

• D) All of the above