Income tax law and practice II (08/03/2023)0

Mr. B incurred Short Term Capital Loss of ₹ 10,000 on Sale of Shares through the National Stock Exchange. Such Loss can be set-off

• A. Only against Short Term Capital Gains

• B. Against both STCG and LTCG

• C. Against any head of Income

• D. None of the above.

Loss on account of owning & maintaining the race horses can be carried forward -

• A. for 8 years

• B. for 4 years

• C. indefinitely

• D. None of these

Which of the following is not included in taxable income:

• (A) Income from smuggling activity

• (B) Casual income

• (C) Gifts of personal nature subject to a maximum of ₹ 50,000 received in cash

• (D) Income received in-kind

The amount deductible from a family pension is up to:

• (A) ₹ 15,000 or 1/3rd of family pension whichever is less

• (B) ₹ 15,000 or 1 /2 of family pension whichever is less

• (C) ₹ 10,000 or 1/3rd of family pension whichever is less

• (D) No deduction

While making payment of winnings from horse race, the tax will be deducted at source, if the payment exceeds

• (A) ₹ 5,000

• (B) ₹ 10,000

• (C) ₹ 25,000

• (D) ₹ 50,000