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 :

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neha said: (4:03am on Tuesday 24th October 2017)
i dont think this much amt is allowed under sec54ec
Brajesh said: (12:27am on Tuesday 27th February 2018)
Amount upto 50 lack would be exempt if assesses invest in NHAI bond for minimum period of 3 years..
Asil Adnan said: (9:21am on Tuesday 5th June 2018)
Section 54EC offers exemption if long-term capital gains are reinvested within 6 months in Bonds issued by NHAI and REC which are redeemable after 3 years. Unfortunately, the Finance Act 2007 (FA07) has slapped a limit on such contributions of Rs 50 lakh per FY.

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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 :

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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 :

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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 :

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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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