MCQs on DIT 2

Agriculture income received from outside India will be

• Taxable under the head Profit and Gains of Business or Profession

• Taxable under the head Income from other sources

• Exempt from tax

• A.      None of these

If A receives ₹31,000 from B and ₹20,000 from C, then, what will be the taxable amount?

• NIL

• 1,000

• 51,000

• 50,000

Which of the following income is not taxable under the head income from other sources?

• Income from letting

• Income from sub letting

• Director's fees

• Commission received by the director on giving bank guarantee for the company

Family pension received by a widow of a member of the armed forces where the death of the member has occurred in the course of the operational duties in the circumstances and subject of prescribed conditions, is

• Exempt upto ₹3,00,000

• Exempt upto ₹3,50,000

• Totally exempt

• Totally chargeable to tax

Capital asset excludes all assets except

• Stock in trade

• Personal effect

• Jewellery

• Rural agricultural land

In order to enjoy exemption under section 54EC, the resultant long term capital gains should be invested in specified bonds within a period from the date of transfer

• 36 months

• 24 months

• 12 months

• 6 months

Capital gains is calculated when

• Any asset is transferred

• any capital asset is transferred

• any asset is transferred or not transferred

• any capital asset is transferred or not transferred

In terms of section 2(42A), unlisted securities are treated as long-term capital asset, if they are held for a period of more than -

• 12 months

• 24 months

• 36 months

• 6 months

Long-term Capital Loss can only be set off against __________.

• Long-term capital gain and Short-term capital gain

• Short-term capital gain

• Long-term capital gain

• All of the above.

Which of the following is included in the definition of transfer u/s 2(47)?

• Sale, exchange or relinquishment of the asset.

• Extinguishment of any rights therein

• Compulsory acquisition thereof under any law.

• All of the above