Deck 4: Capital Gain

Question 1

The charging section of the income under the head capital gains is :

A)section 15
B)section 17
C)section 10
D)section 45 (2)

Answer 1

section 45 (2)

Question 2

Which of the following is not a requisite for charging income-tax on capital gains -

A)the transfer must have been effected in the relevant assessment year
B)there must be a gain arising on transfer of capital asset
C)capital gains should not be exempt u/s 54
D)capital gains should not be exempt u/s 54ec

Answer 2

the transfer must have been effected in the relevant assessment year

Question 3

The following shall not be regarded as capital asset:

A)urban land
B)securities held by a foreign institutional investor as per sebi act, 1992
C)archaeological collections
D)motor car

Answer 3

motor car

Question 4

The following shall be regarded as capital asset:

A)gold jewellery held by jeweller as sit trade.
B)securities held by fii as per sebi act, 1992, held as stock in trade.
C)motor car held by motor car manufacturer as sit
D)none of above

Question 5

The following shall not be regarded as capital asset:

A)jewellery
B)rural agricultural land
C)archaeological collections
D)personal residential house

Question 6

The following shall be regarded as capital asset:

A)jewellery
B)sculptures
C)archaeological collections
D)all of the above

Question 7

Capital asset excludes all except

A)stock-in-trade
B)personal effects
C)jewellery
D)agricultural land in india.

Question 8

Which of the following are included in the jewellery -

A)ornaments made of gold, silver and platinum.
B)precious metals whether or not worked or sewn into any wearing apparel.
C)semi-precious stones.
D)all of the above.

Question 9

A short term capital asset means a capital asset held by the assessee for not more than:

A)12 months immediately preceding the month of its transfer
B)24 months immediately preceding the date of its transfer.
C)36 months immediately preceding the date of its transfer.
D)none of the above.

Question 10

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

A)12 months
B)36 months
C)24 months
D)48 months

Question 11

A Long term capital asset means a capital asset held by the assessee for more than:

A)12 months immediately preceding the month of its transfer.
B)24 months immediately preceding the date of its transfer.
C)36 months immediately preceding the date of its transfer.
D)none of the above.