Classical

Advanced Questions - Section 1

1:  

Capital gain of Rs. 75 lakh arising from transfer of long term capital assets will be exempt from tax if such capital gain is invested in the bonds redeemable after three years, issued by NHAI u/s 54EC of the Act.

A.

True

B.

False

C.

Cannot be said with certainty

D.

Is decided by the Assessing Officer

 
 

Option: A

Explanation :


2:  

Deduction U/s 80G on account of donation is allowed to

A.

A business assessee only

B.

Any assessee

C.

Individual or HUF only

D.

None of the above

 
 

Option: B

Explanation :


3:  

If good will of a profession which is self generated is transferred, there will

A.

Be capital gain

B.

Not be any capital gain

C.

Be a short-term capital gain

D.

None of the above

 
 

Option: B

Explanation :


4:  

A new business was set up on 15-11-2008 and it commenced its business from 1-12-2008. The first previous year in this case shall be

A.

15-11-2008 to 31-3-2009

B.

1-12-2008 to 31-3-2009

C.

2008-2009

D.

None of the above

 
 

Option: A

Explanation :


5:  

R, who is entitled to a salary of Rs. 10,000 p.m. took an advance of Rs. 20,000 against the salary in the month of March 2009.The gross salary of R for assessment year 2009-10 shall be

A.

Rs. 1,40,000

B.

Rs. 1,20,000

C.

None of these two

D.

Is decided by the Assessing officer

 
 

Option: A

Explanation :




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