Income Tax Law & Practice-II

Capital gain arises on:

• A. Business capital

• B. Transfer of capital assets

• C. Stock of trade

• D. All of these

Transfer of capital assets is defined under Income Tax Act 1961

• A. 2(31)

• B. 2(26)

• C. 2(32)

• D. 2(47)

In case of movable property, title to property passes at the time when

• A. Contract entered for sale

• B. Sale is registered

• C. Consideration is paid

• D. Property is delivered pursuant to a contract to sell

Which of the following is not an exempted asset for the purpose of capital gains tax?

• A. Shares of domestic companies

• B. Assets held for personal use

• C. Gold deposit bonds under 1999 scheme

• D. Special Bearer Bonds issued by Central Government in 1991

Capital gain is classified into how many types?

• A. Two

• B. Three

• C. Four

• D. Five