Capital Gains – Test 5

Any transfer of capital asset by 100% subsidiary company to its holding company shall not be regarded as transfer, when

Any transfer of capital asset in a scheme of amalgamation by amalgamating company to the amalgamated company shall not be regarded as transfer, when

Any transfer of capital asset in a scheme of demerger by demerged company to the resulting company shall be regarded as transfer, when

In order to claim capital gain tax exemption on succession of firm by a company, which of the following condition needs to be satisfied ?

Any transfer of shares as a result of conversion of company into LLP shall be be regarded as transfer u/s47 (xiiib), provided

Any transfer of capital asset as a result of succession of sole proprietorship concern by a company shall not be regarded as transfer u/s 47, provided

Generally, capital gain arises in previous year in which transfer took place. However, in case of _______ capital gains are not taxable in the year of transfer of the asset

Which of the following expenditure will not form part of cost of acquisition of shares while computing capital gain ?

Which of the following expenditure will not be considered as expense on transfer of shares while computing  capital gain ?

Mr.B transfers an asset in the year 2018-19. However, he agrees to receive sales consideration of Rs.320 lakhs in three instalments in PY 2018-19, 2019-20 and 2020-21. What would be taken as full value of consideration while computing capital gains in the year 2018-19 ?

Mr. B transfers an Asset A by way of exchange of Asset B in the year 2018-19. Asset A was purchased for Rs.5 lakhs in the year 2006-07. The market value of Asset A is Rs.12 lakhs on the date of sale and the market value of Asset B is Rs.15 lakhs  on the date of transfer. What would be taken as full value of consideration while computing capital gains in the year 2018-19 in hands of Mr.B?

Which of the following will form part of cost of acquisition of Plant and Machinery ?

Which of the following shall be regarded as cost of acquisition ?

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

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

What would be the cost of acquisition of shares acquired by amalgamating company, from amalgamated company under-scheme of amalgamation ?

In case of acquisition of shares of amalgamated company in exchange of shares of amalgamating company under a scheme of amalgamation, the period of holding of such shares shall be reckoned from the

Mr.Rameshwar had acquired 100 sweat equity shares from its employer company @ Rs.100 per share. The market price of such share at that time was Rs.500. Rs.400 per share had been considered as perquisite in the hands of Mr.Rameshwar. Now Rameshwar has sold such shares @.Rs.1,000 per share. What would be the cost of acquisition of shares in such case ?

What would be the cost of acquisition of right of partner  in LLP, when the has acquired such right on conversion of company into LLP ?

Cost of acquisition of units of consolidated scheme of mutual fund, which units have been acquired in lieu of units of consolidating scheme of mutual funds shall be

R purchased an immovable property for Rs.40 lakhs when the stamp duty value of such property was Rs. 50 lakhs Rs. 10 lakhs was taxed as income from other sources in the hands of Mr. R u/s 56(2)(x). At the time of sale, what would be the cost of acquisition of such property ?

XYZ India Private Limited has purchased shares from another Private Company for Rs.2 lakhs. As the FMV of such shares was Rs. 3 lakhs , Rs. 1 lakh was taxed as income from other sources in the hands of XYZ India Pvt Limited u/s 56(2)(x). What would be its cost of acquisition at the time of sale of such shares ?

Where capital gain arises from the transfer of an asset declared under the Income Declaration Scheme, 2016 and the tax, surcharge have been paid on fair market value of such asset under that scheme, the cost of acquisition of such asset shall be the

Mr.Desuza has sold an asset for Rs.20 lakhs during the PY 2018-19, which was acquired on April, 1999 for Rs.1 lakh. Fair Market Value of such asset is Rs. 2 lakhs as on April 1, 2001. What should be its cost of acquisition before indexation?

Mr.Shoaib started his business in April, 1998. He has sold self-generated good will of such business for Rs.30 lakhs  during the PY 2018-19. What would be the cost of acquisition of such goodwill before indexation? The Fair Market Value of such goodwill is Rs.2 lakhs as on April 1, 2001.

Mr. Rahim started his business in 1996. He has sold goodwill of such binsess for Rs.40 lakhs during the PY 2018-19. Such goodwill was acquired from  Ram for Rs. 3 lakhs in 1999. What would be the cost of acquisition of such goodwill before indexation ? The Fair Market Value of such goodwill is Rs. 2 lakhs as on April 1, 2001.

Mr.Iqbal inherited business from his father Nusrat in 1995. Nusrat had purchased goodwill of such business for Rs.1 lakh in 1992.
When Iqbal sells such goodwill, what would be its cost of acquisition before indexation ? (The Fair Market Value of such goodwill is Rs.50,000 as on April 1, 2001)

Mr. Akbar inherited business from his father Amar in 1995. Amar had inherited such business from his father herited such business from his father in 1960. Akbar decided to sell goodwill of such business. What would be the cost of acquisition of such goodwill before indexation  ? The Fair Market Value of such goodwill Rs. 1,00,000 as on April 1, 2001.

Mr. Birbal has acquired 1,000 shares for Rs. 50 per share in 1995. The company offered him right shares, which were acquired by him in December 10, 2018 for Rs.200 per share. The market price of rights shares was Rs. 300 per shares as on December 10, 2018. What should be the cost of acquisition of right shares ?

Mr.Badshah has acquired 2,000 shares for Rs. 100 per share in 1990. The company offered him right shares, in November 10,2018 for Rs.300 per share. He has renounced such rights for Rs.100 per share. The market price of rights shares was Rs.400 per share as on November 10,2018. What should be the cost of acquisition of such right shares.