Capital Gains – Test 3

Under  first proviso to section 48, cost of acquisition is converted into foreign currency by using

Under first proviso to section 48, capital gains computed in foreign currency, shall be reconverted into Indian currency by using

In which of the following cases, cost of acquisition of the asset shall be deemed to be cost for which the previous owner of the property acquired it ?

Short-term capital gains (for transaction on or after 1.10.2004) u/s 111A in respect of tax on short-term capital gains in certain cases are taxable at concessional rate of

Which of the following conditions should be satisfied in order to be covered u/s 111A for short-term capital gains ?

Mr. A aged 30 years earns short term capital gains of Rs.2,00,000 and he also earned other income of Rs.2,00,000 during the PY 2018-19. He has no other income during such PY. What will be the amount of short-term capital gains taxable at 15% u/s 111A?

What will be the tax rate on sale of long-term capital assets, being unlisted shares sold by a non-resident ?

Which of the following conditions need to be satisfied in order to apply concessional tax rate of 10% on sale of unlisted shares by non-resident u/s 112 ?

What will be the tax rate on sale of long-term capital assets in the nature of listed shares by a non-resident (which do not satisfy the conditions of section 112A)?

Select the correct statement

Which of the following person are eligible to opt for Chapter XII-A ?

Which of the following “Persons” are eligible to opt for Chapter XII-A?

Which of the following income would be covered under Chapter XII-A dealing with taxation of income of NRI’s ?

ABC Ltd. has an agricultural land in Delhi which was acquired on 15.03.2012 that has been compulsory acquired by Government on 19.05.2018. Can ABC Ltd. claim exemption on this transfer u/s 10(37)?

The agricultural land acquired by Mr.Aman on 1.12.2001 was compulsorily acquired by Government on 31.12.2017 for which he received Compensation of Rs.4,00,000 on 20.04.2018. The Compensation received by Mr.Aman would be taxable in FY

The agricultural land acquired by Mr.Sumit on 1.12.2001 was compulsory acquired by Government on 31.12.2017 for which he received compensation of Rs.10,00,000 on 20.03.2019. The compensation received by Mr.Sumit would be taxable in FY

Who is eligible to claim exemption of capital gains u/s 10(37) in respect of compulsory acquisition of agricultural land ?

Long-term capital gains arising from transfer of buildings or land appurtenant thereto and being a __shall be exempt u/s 54, if such capital gains are invested in purchase of one ______ in India

Which of the following conditions need to be fulfilled to claim exemption u/s 54 in respect of capital gains arising from transfer of residential house property ?

Mr. Maneet had acquired a residential house property on 1.5.2015 which was sold by him on 31.07.2018. He invested in another residential house property on 31.12.2018 in the name of his wife, He__

Mr.X had acquired a residential house property on 1.5.2015 which was sold by him on 31.07.2018. He invested in another residential house property on 31.12.2018. Before claiming any exemption u/s 54, he met with an accident and died. Who among the following can claim exemption u/s 54 ?

Ms.Pooja has sold a residential house property “A” in May, 2018 and acquired another residential house property “B” in Decemer, 2018. The new house property “B” acquired by Ms.Pooja has been let out. Ms.Pooja is ________ to claim exemption u/s 54 in respect of capital gains arising from transfer of residential house property “A”

Mr. Pankaj had acquired a residential house property in June 2005,  which has been sold by him in April, 2018 for a consideration of Rs.25,00,000. He computed LTCG as Rs.9,72,000. How much deduction, can be claim u/s 54 in the following situations ?

I. He invested Rs.4,00,000 for purchase of a new house on         14.09.2018

II. He invested Rs.1,50,000 in Capital Gain Account Scheme on 15.07.2018

III. He invested Rs.9,85,000 on construction of an additional floor on self-occupied house, period of investment was 16.09.2018 to 31.01.2019

Ms. Tarannum acquired a residential house property in September 2010, which was sold by her in May,2019 for  a consideration of Rs.48,00,000 and she computed LTCG at Rs.14,85,000. She invested Rs.15,00,000 in Capital Gain Account Scheme in July, 2018 and utilised such amount in April, 2021. How much exemption, can she claim u/s 54 during AY 2019-20 ?

Exemption u/s 54B in respect of capital gains arising from transfer of agricultural land is available to

Under which of the following cases, exemption u/s 54B in respect of capital gains arising from transfer of agricultural land, is not available ?

Ram has sold his agricultural and in May, 2018 which has been used by him and his parents for agricultural purposes for more than 3 years. He invested in urban agricultural land in December, 2018. Whether exemption u/s 54B is available in respect of capital gains arising from transfer of agricultural land ?

Which of the following conditions need to be satisfied for claiming exemption u/s 54D

Exemption u/s 54EC in respect of investment in certain bonds is available to ______________

Mr.Rahul had acquired capital asset in March, 2012 and sold such asset in January, 2019 for Rs.80,00,000 which resulted in long-term capital gains of Rs.55,00,000. He invested Rs.55,00,000 in long-term specified asset defined u/s 54EC in May, 2019 to avail the benefits of that section. Further, he has taken a loan against the long-term specified asset in March, 2020. Whether exemption u/s 54EC will still be available to Mr.Rahul ?