Income from other sources – Test 2

Powerplay India Pvt Limited an Indian company, has accumulated profits of Rs.5,00,000. It distributed debenture certificate of Rs.1,00,000 and bonus shares of Rs.50,000 tp preference shareholders. Tarannum received debentures certificate worth Rs.50,000 out of such distribution and bonus shares of Rs.20,000. The amount which would be construed as dividend in the hands of Powerplay India, liable to DDT would be

Powerplay India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000. It distributed debenture certificate of Rs.1,00,000 and bonus shares of Rs.50,000 to preference shareholders. Tarannum received debenture certificate worth Rs.50,000 out of such distribution and bonus shares of Rs.20,000. The amount which would be construed as dividend in the hands of Tarannum, liable to income tax would be

A, a resident assessee receive dividend Rs.15,00,000 from a domestic company. Assuming his other income is equal to exemption limit, the tax payable by him shall be

The rate of tax in case of winning from lotteries, crossword puzzles, races etc. is

A earned winning from lotteries amounting Rs.4,50,000 and has incurred expenditure of Rs.50,000 in respect of such winnings. The taxable income on such account would be

B won Rs.5,000 from horse races. The TDS shall be deducted at the rate of

C won Rs.10,000 from crossword puzzle. The TDS shall be deducted at the rate of

Shyam won Rs.20,000 from lottery. The amount of tax to paid by him is

As er section 2(28B), interest on securities includes

Interest on securities is

TDS @ 10% is deducted on income from which of the following securities ?

Bond Washing Transaction ensure that

Arun owned certain securities as on 31.03.2018, on which interest of Rs.1,00,000 was due on that date, he sold such securities on April 1,2018 to Varun. The interest on such securities was received by Varun April 21, 2018 and bought back such securities on 1.05.2018. In such a case, the interest income will be taxable in the hands of

Arun owned certain securities as on 31.032018, on which interest of Rs.1,00,000 was received. The deductions which shall be allowed to Arun against such interest income would be

Alan was married to Alisa, and received a gift of Rs.75,000 in cash from his brother at the time of marriage. The money received is taxable to the extent of

Amit was married to Sunitha, and received a gift of Rs.55,000 in cash from his friend at the time of marriage. The money received is taxable to the extent of

Arun purchased a property from an independent arty on 1.3.2018, for Rs.5,00,000 when the value as per the stamp authority was Rs.12,00,000. On the date of registration, the value as per the stamp authority was Rs.15,00,000. On the date of an agreement (i.e.01.03.2018). Arun paid an advance of Rs.1,00,000 by electronic clearing system. The amount taxable in the hands of Arun shall be

For the purpose of section 56(2)(x) relatives doesn’t include

For the purpose of section 56(2)(x), relatives includes which of the following for Mr.A, who receives a gift from the following person ?

a. His wife B

b. His brother C

c. His sister D

d. B’s brother

e. B’s sister

f. His father D

g. His mother E

h. Brother of D

i. Sister of D

j. Brother of E

k. Sister of E

l. His grandfather F

m. His grandson G

n. B’s grandfather

In case of XYZ HUF, a member of HUF _______ relative for the purpose of section 56(2)(x)

XYZ Private Limited, issued shares with the face value of Rs.10 at a premium of Rs.100 to A (500 shares) a resident, and B a non-resident (500 shares). The fair market value of such as was Rs.160. In such a case, the amount taxable in the hands of Mr.B u/s 56(2)(x) would be

A received interest on enhanced compensation amounting Rs.50,000. How much deduction shall be available to A as per section 57(iv) ?

As per section 56(2)(ix), amount received as advance and forfeited , under a negotiation for transfer of capital asset will be taxable if

The deduction allowed on family pension received by the legal heir of the employee is

Mr. A borrowed Rs.5,00,000 on which he needs to pay interest of Rs.75,000 p.a. He borrowed the amount for meeting his wealth-tax liability. Compute the amount of eligible deduction for Mr. A ?

Which of the following is allowed as deduction while computing the income under the head “Income from Other Sources” ?

Compute the Income from Other Sources of Ram for AY 2019-20 if he receives the following gifts/amount apart from his monthly salary of Rs.30,000.

i. Cash received Rs.60,000 on his marriage anniversary from his friend

ii. Gift of Rs.90,000 from his mother’s brother

Who among the following is/are not included in the list specified assessee u/s 115BBDA ?

Which of the following deduction is allowed from letting out of plant, machinery or building ?

Composite rent is chargeable to tax under the head “Income from Other Sources” when