Classical

Advanced Questions - Section 1

36:  

New assets acquired for claiming exemption u/s 54, 54B or 54D, if transferred within 3 years, will result in

A.

Short-term capital gain

B.

Long-term capital gain

C.

ST or LTCG depending upon original transfer

D.

None of the above

 
 

Option: A

Explanation :


37:  

Income deemed to accrue or arise in India is taxable in case of

A.

Resident only

B.

Both ordinarily resident and NOR

C.

Non-resident

D.

All the assesses

 
 

Option: D

Explanation :


38:  

Long term capital gains arising from units of debt-oriented equity funds for which securities transactions tax has been paid in a recognized stock exchange is exempt.

A.

True

B.

False

C.

Cannot be said with certainty

D.

Is decided by the Assessing Officer

 
 

Option: A

Explanation :


39:  

Agricultural income is exempt provided the

A.

Land is situated in India

B.

Land is situated in any rural area India

C.

Land is situated whether in India or outside India

D.

None of the above

 
 

Option: A

Explanation :


40:  

Loss from a speculation business of a particular A. Yr. can be set off in the same A. Yr. from

A.

Profit and gains from any business

B.

Profit and gains from any business other than speculation business

C.

Income of speculation business

D.

None of the above

 
 

Option: C

Explanation :




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