A capital receipt is not liable to tax, unless specifically provided in the Act, whereas, a revenue receipt is not exempted, unless specifically provided in the Act.
Further, capital receipts are to be charged to tax under the head “Capital Gains” and revenue receipts are taxable under other heads.
Online Exam in Capital Gains for CA Intermediate, CA IPCC, ICSI and CMA Exams.
Capital Gains - Test 1
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Subject :- Taxation
Chapter :- Capital Gains – Test 1
Questions :- 30
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Section 45 provides that any profits or gains arising from transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head “Capital gains” and shall be deemed to be the income of the previous year in which
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Question 2 of 30
2. Question
1 points
Choose capital assets from the list of following assets ?
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Question 3 of 30
3. Question
1 points
Which of the following shall not be considered as capital assets ?
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Question 4 of 30
4. Question
1 points
Sinking Equity Fund, was registered as Foreign Portfolio Investor (FPI) and made profit on sale of certain shares in Indian company during PY 2018-19. Such profit would be taxable as
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Question 5 of 30
5. Question
1 points
Which of the following shall be considered as Rural agricultural land ?
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Question 6 of 30
6. Question
1 points
Muneer had some agricultural land, situated within Munerka, which is within the jurisdiction of municipality having population of ________ such is Urban agricultural land
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Question 7 of 30
7. Question
1 points
In order to classify agricultural land as capital asset, distance of agricultural land shall be measured ___________ from local limits of municipality
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Question 8 of 30
8. Question
1 points
Agricultural land situated in any area within 2 kms, distanced aerially from local limits of municipality shall not be considered as capital asset, where the population of municipality or cantonment board is
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Question 9 of 30
9. Question
1 points
Agricultural land situated in any area within 6 kms, distanced aerially from local limits of municipality or cantonment board shall not be considered as capital asset where the population of municipality is
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Question 10 of 30
10. Question
1 points
Agricultural land situated in any area within 8 kms, distanced aerially from local limits of municipality or cantonment board shall not be considered as capital asset where the population of municipality or cantonment board is
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Question 11 of 30
11. Question
1 points
Which of the following assets would be considered as short-term capital asset on basis of period of holding of 12 months or less ?
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Question 12 of 30
12. Question
1 points
Which of the following assets would be considered as short-term capital assets on basis of period of holding of 12 months or less ?
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Question 13 of 30
13. Question
1 points
Which of the following assets would be considered as short-term capital assets on basis of period of holding of 24 months or less ?
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Question 14 of 30
14. Question
1 points
Which of the following assets would be considered as short-term capital assets on basis of period of holding of 36 months or less ?
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Question 15 of 30
15. Question
1 points
Miss Tuli has acquired 2,000 shares in V India Private Ltd., a listed company on April 10,2017. After amalgamation of such company on January 1,2018, she got 1,000 shares of UV India Ltd. another listed company. She sold such 1,000 shares on August 10,2018, Such shares shall be considered as
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Question 16 of 30
16. Question
1 points
Miss Rani has acquired house property by way of gift from her uncle on April 10,2017. Her uncle had purchased such property was back in 2010. She sold such property of August 10,2018. Such property shall be considered as
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Question 17 of 30
17. Question
1 points
On May 10,2017, Miss Shamita has acquired 3,000 shares in SV India Private Ltd., a listed company. After demerger of a unit of such company into VA India Ltd., another listed company on January 1,2018, she got 1,000 shares of resulting company. She sold such 1,000 shares on August 10,2018. Such shares shall be considered as
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Question 18 of 30
18. Question
1 points
A acquired an immovable property on April 1,2015. Such immovable property shall be treated as short-term capital asset, if it is held for not more than _______ months immediately preceding the date of its transfer ?
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Question 19 of 30
19. Question
1 points
In case of right shares, the period of holding shall be reckoned from the
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Question 20 of 30
20. Question
1 points
Where right to acquire shares has been renounced, the person who has acquired such right would reckon the period of holding of right shares from the
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Question 21 of 30
21. Question
1 points
Where right to acquire shares has been renounced, the person who has renounced such right would reckon the period of holding of such right from the
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Question 22 of 30
22. Question
1 points
The period of holding of bonus shares shall be reckoned from the
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Question 23 of 30
23. Question
1 points
UV Inc. acquire Global Depository Receipt (GDR) of D India on April 1,2015. UV Inc. requested for redemption of GDR on April 12, 2018, in lieu of which it received shares on April 20,2018. It sold such shares on July 1,2018. What would be the period of holding of shares ?
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Question 24 of 30
24. Question
1 points
Profit arising from insurance claim, due to damage of property shall be
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Question 25 of 30
25. Question
1 points
Which of the following shall not be regarded as transfer ?
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Question 26 of 30
26. Question
1 points
Which of the following shall be considered as relinquishment of asset ?
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Question 27 of 30
27. Question
1 points
Which of the following shall be considered as extinguishment of rights in an asset ?
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Question 28 of 30
28. Question
1 points
Which of the following shall be regarded as transfer ?
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Question 29 of 30
29. Question
1 points
Which of the following shall not be regarded as transfer ?
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Question 30 of 30
30. Question
1 points
Any transfer of capital asset by a company to its 100% subsidiary shall not not be regarded as transfer, when
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Capital gain shall be taxable in the previous year in which the asset is transferred.
Capital asset means –
● any kind of property held by an assessee, whether or not in connection with his business or profession;
Transfer in relation to a capital asset includes:
(a) Sale, Exchange & Relinquishment of the asset;
(b) Extinguishment of any right in an asset;
(c) Compulsory acquisition of an asset under any law;
(d) Conversion of asset into stock-in-trade by the owner;
(e) Any transaction of immovable property u/s 53A of the Transfer of Property Act, 1882;
(f) Any transaction which has the effect of transferring or enabling the enjoyment of any immovable property.
(g) Maturity or redemption of a zero coupon bond
COMPUTATION OF CAPITAL GAINS [SEC. 48]
Short-term Capital Gain means the gain arising on transfer of short-term capital asset [Sec. 2(42B)].
Long-term Capital Gain means the gain arising on transfer of long-term capital asset [Sec. 2(29B)].