Income Tax Law & Practice-II

Capital gain on compulsory acquisition of urban agricultural land is

• A. Taxable capital gain

• B. Exempted capital gain

• C. Ignored

• D. None of these

Exemption u/s 54 is allowed

• A. On sale of shares

• B. On sale of land

• C. On sale of residential house

• D. Sale of personal effect

Exemption u/s 54 is allowed for investment in

• A. Shares

• B. Land

• C. Another residential house

• D. Jewellery

Long term capital gain on sale of listed shares are

• A. Taxable

• B. Exempted

• C. Partly taxable

• D. None of these

Long term capital gain on sale of unlisted shares are

• A. Exempted

• B. Taxable

• C. Partly exempted

• D. None of these