Classical

Advanced Questions - Section 1

16:  

Where an urban agricultural land owned by an individual, continuously used by him for agricultural purposes for a period of two years prior to the date of transfer, is compulsorily, acquired under law and the compensation is fixed by the state Government, resultant capital gain is exempt.

A.

True

B.

False

C.

Cannot be said with certainty

D.

Is decided by the Assessing Officer

 
 

Option: B

Explanation :


17:  

If any amount is donated for research, such research should be in nature of

A.

Scientific research only

B.

Social or statistical research only

C.

Scientific or social or statistical research

D.

None of the above

 
 

Option: C

Explanation :


18:  

Education cess is leviable in case of

A.

An individual and HUF

B.

A company assessee only

C.

All assesses

D.

None of the above

 
 

Option: C

Explanation :


19:  

An assessee has paid life insurance premium of Rs. 25,000 during the previous year for a policy of Rs. 1,00,000. He shall

A.

Not be allowed deduction u/s 80C

B.

Be allowed Deduction u/s 80C to the extent of 20% of the capital sum assured i.e.Rs. 20,000

C.

Be allowed Deduction for the entire premium as per the provisions of section 80C

D.

None of the above

 
 

Option: B

Explanation :


20:  

Deduction under section 40(B) shall be allowed on account of salary/remuneration paid to

A.

Any partner

B.

Major partner only

C.

Working partner only

D.

None of the above

 
 

Option: C

Explanation :




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