Capital Gain Mock Test IGP-CS CA Vivek Gaba

Transcription

1 1. Second Proviso to Section 48 is applicable while computing a) Only on Short Term Capital Gain b) Only on Long Term Capital Gain c) Both Short Term and long Term Capital Gain d) None of the above 2. In case of any Share Not listed on a recognised stock exchange, short term capital asset means capital asset held by an assessee for immediately preceding the date of its transfer. a) not more than 36 months b) not more than 12 months c) not more than 24 months d) None of the above 3. The cost if improvement of which asset shall be taken as nil a) Goodwill of Business b) Right to manufacture, produce or process any article or thing c) Right to carrying on any business d) All of the above 4. The rate of taxability defined in Section 111A for Short Term Capital Gain is a) 10 % b) 15 % c) 20 % d) Nil 5. Section 111A is applicable only if. is paid on the transaction of sale. a) STT b) VAT c) CTT d) None of the above 6. Benefit of slab rate is not available on short term capital gains under section 111A to a) resident Individual b) resident HUF c) both of the above d) Non-resident 7. An interim order for giving compensation was passed in 20 July 2014 in pursuance of which compensation was received. The final order of the court was passed on 7 April The amount shall be taxable in which assessment year? a) b) c) d) Exemption under section 54 is available if investment is made by the assessee in a) residential house either in India or outside India b) any number of residential house in India c) one residential house in India d) any number of residential house either in India or outside India 9. Section 112 is applicable on a) All assessee excluding Non-residents b) All assessee including Non residents c) Non-residents d) All assessee being individual 10. Assessee shall invest capital gain within 6 months from date of transfer in which asset to claim exemption under section 54EC a) Bond of State Bank of India b) Bonds of NHAI or RECI c) Residential house d) Government bonds or debenture 11. Unexplained cash credits are chargeable to a) 10% b) 15% c) 20% d) 30% 12. Long term capital gain is chargeable to under section? a) 20%, 112 b) 20%, 111A

2 c) 10%, 111A d) 15%, Long term capital gain on equity share(stt paid) are chargeable to under section? a) 20%, 112 b) Exempt, 10(38) c) 10%, 111A d) 15%, Short-term capital gain arising on transfer of listed equity share (STT paid) chargeable to under section? a) 10%, 112 b) 15%, 111A c) 10%, proviso to sec 112 d) None of the above 15. Which of the following asset is a short-term capital asset, if it is held for more than 12 months? a) Listed Securities b) Units of Equity Oriented mutual fund c) Zero coupon bonds d) None of the above 16. Compensation received by interim order shall be deemed to be income chargeable under the head Capital gains of the previous year in which a) The final order of such court, tribunal or other authority is made b) The compensation accrued c) The interim order is passed d) When compensation received 17. Ramesh sold his paintings to national museum for 20,000 on What will be amount of capital gains on his transaction? a) 20,000 b) 10,000 c) Nil d) None of the above 18. Cost of acquisition in case of bonus shares allotted before will bea) Face value on the date of allotment b) Nil c) Market value as on d) Current market value 19. Depreciation is allowed in case of: a) tangible assets only b) intangible assets only c) tangible and intangible assets d) None of the above 20. If the asset of a particular block is acquired and put to use during the PY for less than 180 days, the assessee shall be entitled to depreciation: a) at normal rate b) at 50 % of normal rate c) proportionate period for which it is first put to use 21. Unabsorbed depreciation brought forward from an earlier year of a particular business can be set off from: a) the same business b) any head of income except salary & Casual Income c) any business income d) any head of income but first from business income 22. If an assessee carries on any scientific research related to his business, he shall be allowed deduction u/s 35 on account of: a) revenue expenditure b) capital expenditure c) both revenue and capital expenditure

3 d) both revenue and capital expenditure excepting expenditure incurred on acquisition of land 23. Short-term capital gain is a gain arising from the transfer of an asset which is held by the assessee for not more than: a) 36 months from the date of its acquisition b) 12 months from the date of its acquisition c) 12 months from the date of its acquisition in case of listed securities, units of equity MF and unit of UTI and zero coupon bond, 24 Month in Case of Unlisted shares and for not more than 36 months in the case of other assets 24. Distribution of assets at the time of partial or complete partition of HUF shall: a) be regarded as a transfer in the hands of HUF for capital gain purposes b) be regarded as a transfer in the hands of coparceners c) not be regarded as transfer in the hands of HUF d) neither be regarded as transfer in the hands of HUF nor in the hands of coparceners 25. Conversion of personal effect into stock in trade shall: a) be subject to capital gain b) not be subject to capital gain c) shall be subject to tax under business head 26. In the case of compulsory acquisition, the indexation of cost of acquisition or improvement shall be done till the: a) previous year of compulsory acquisition b) in which the full compensation is received b) in which part or full compensation is received 27. In case of compulsory acquisition, if enhanced compensation is received, then for purpose of computation of capital gain the cost of acquisition and cost of improvement in that case shall be taken as: a) nil b) cost of acquisition or cost of improvement which was in excess of initial compensation earlier received c) none of these 28. If goodwill of a profession which is self-generated is transferred, there will: a) be capital gain b) not be any capital gain c) be a short-term capital gain d) Taxable under head PGBP 29. Period of holding of right shares or any other security shall be reckoned from: a) the date of the right share/any other securities are offered b) the date of right shares/such securities are applied by the assessee c) the date of allotment of right shares/such securities 30. For claiming exemption under section 54, the assessee should construct the residential property within: a) one year before or two years after the date of transfer b) one year before or three years after the date of transfer c) within three years after the date of transfer

4 d) within two years after the date of transfer 31. Exemption u/s 54F is available in respect of transfer of: a) any capital asset (B) any capital asset other than residential house property (C) residential house property (D) such section does not exist 32. If the goodwill of a business, right to manufacture or produce, tenancy rights, route permit or loom hours is acquired before , the cost of acquisition of such asset shall be: a) cost for which it was acquired by the assessee (B) market value as on (C) nil (D) none of the above 33. Conversion of capital asset into stock-in-trade will result into capital gain of the PY: a) in which such conversion took place b) in which such converted asset is sole or otherwise transferred c) either of two d) none of these two 34. For claiming exemption under section 54, the assessee should construct the residential property within: a) one year before or two years after the date of transfer b) one year before or three years after the date of transfer c) within three years after the date of transfer d) within two years after the date of transfer 35. Exemption u/s 54F is available if the new asset acquired is: a) one residential house property in India (B) any house property (C) residential house property for self-occupation (D) any capital asset 36. Deduction u/s 80C to 80U is allowed from: a) income from long-term capital gain as well as short-term capital gain b) short-term capital gain other than short-term capital gain from shares transferred through a recognized stock exchange c) long-term capital gain d) neither from income from long-term or short-term capital gain 37. Short-term capital gain arising for the transfer of equity shares and units of equity oriented fund shall be taxable: a) at the normal rate b) at the rate of 20 % c) at the rate of 10 % if transferred on or after d) at the rate of 15 % if transferred on or after through a recognised stock exchange and such transaction is chargeable to securities transaction tax 38. Transfer of capital asset in the scheme of demerger shall not be regarded as transfer for the purpose of capital gain if: a) the demerged company is an Indian company b) the resulting company is an Indian company

5 c) both demerged and resulting company should be an Indian company d) none of the above 39. Section 112 is applicable only if transfer of specified assets result in (A) Short Term Capital Gain (B) Long Term Capital Gain (C) Any Capital Gain (D) All of the above 40. Exemption u/s 54EC shall be available for transfer of: a) any long-term capital asset b) residential house property c) any long-term capital asset other than residential house property d) urban agricultural land 41. For claiming exemption u/s 54EC, amount to the extent of the capital gain should be invested: a) within 2 years from the date of transfer b) within 3 years from the date of transfer c) within 6 months from the date of transfer d) within 6 months of transfer or before the due date of furnishing the return of income, whichever is earlier 42. Transfer by holding company to its subsidiary company or by a subsidiary company to its holding company shall not be regarded as transfer if the holding company owns: a) 90% shares of the subsidiary company b) 100% shares of the subsidiary company c) 51% shares of the subsidiary company d) 49% shares of the subsidiary company 43. The assessee is allowed to opt for market value as on in case of: a) all capital assets b) all capital assets other than depreciable assets c) all capital assets other than depreciable assets, goodwill of a business, right to manufacture, tenancy rights, loom hours and route permits d) None of the above 44. The cost of acquisition of the right shares to a person who purchased the right to acquire the share from the existing shareholder shall be: a) market value of right share on date of allotment b) price at which these shares are offered c) Any of the above d) price at which these shares are offered plus the amount paid to the person renouncing right 45. No indexation of cost of acquisition is done even though there is LTCG in case of: a) bonds or debentures b) certain assets held by non-residents c) certain assets held by non-residents and any bonds or debentures other than capital indexed bonds & Sovereign Gold Bonds issued by Government/RBI d) None of the above 46. Where capital asset is converted into stock-in-trade then for the purpose of computation of

6 capital gain, the full value of consideration shall be: a) the market value of the asset on the date of sale of such asset b) the market value of the asset on the date of conversion of such asset c) the price for which it is sold d) Any of the above 47. Where the entire block of the depreciable asset is transferred after 36 months, there will be: a) short-term capital gain b) long-term capital gain c) short-term capital gain or loss d) long-term capital gain or loss 48. For claiming exemption under section 54, the assessee should transfer: a) any house property b) a residential house property c) a residential house property, the income of which is taxable under the head income from house property 49. For claiming exemption u/s 54EC, the amount to the extent of capital gain should be invested within six months from the date of transfer in: a) State Bank of India b) Notified securities c) State Bank of India or Notified securities d) Bonds of the NHAI or RECL 50. Total income for AY of an resident individual including long-term capital gain of `60,000 is `2,90,000. The tax on total income shall be: a) ` 8,000 b) ` 3,090 c) ` 12,000 d) ` 8, Which of the following movable personal asset is not a capital asset? a) archaeological collections b) drawings c) sculptures d) Car 52. Which of the following is a capital asset a) Stock of business b) Car of an Individual c) Land in Delhi used for agricultural purpose d) Scooter of an Individual 53. Brokerage paid on purchasing the share.. in the cost. a) shall not be added b) may be added c) shall be added d) shall be reduced 54. Which of following conditions should be satisfied to claim exemption under section 10(37) (i) Assessee being an individual or HUF (ii) Asset being transferred in agricultural land in urban area (iii) Asset being transferred in agricultural land (iv) Asset is used for agricultural purposes by HUF or individual or parent of the individual during the period of two years immediately preceding the date of transfer. (v) transfer takes place by way of compulsory acquisition under any law a) (i), (iii) b) (i), (ii) and (iv) c) (i), (iii), (iv) and (v) d) (i), (ii), (iv) and (v) 55. If any person has given the possession of any building to the proposed buyer and has taken full payment, in that case, even if the ownership in documents is in the name of seller. Who shall be considered to be deemed owner?

7 a) proposed buyer b) seller c) Both buyer and seller d) None of the above 56. Casual income is under the provision of section.. a) 30%, 115BC b) 30%, 115BB c) 20%,115BB d) Nil, 115BC 57. Amended order shall be passed in how many years & period shall be calculated from which date a) 3 years, from end of PY in which order reducing value was passed in appeal or revision b) 4 years, from end of PY in which order reducing value was passed in appeal or revision c) 3 years, from end of AY in which order reducing value was passed in appeal or revision d) 4 years, from end of AY in which order reducing value was passed in appeal or revision 58. X converts his capital asset (acquired on June 10, 1988 for ` 60,000) into SIT in The fair market value on date of conversion was ` 3,00,000. He subsequently sells stock-intrade so converted for `4,00,000 on June 10, What is date of transfer of asset? a) June 10, 1988 b) March 10, 2015 c) June 10, 2016 d) None of the above 59. X converts his capital asset (acquired on for ` 60,000) into SIT in FMV as on date of conversion was ` 3,00,000. He subsequently sells stock-in-trade so converted for ` 4,00,000 on June 10, Capital gain shall be taxable in which previous year? a) b) c) d) None of the above 60. X converts his capital asset (acquired on June 10, 1988 for ` 60,000) into SIT in March 10, FMV as on date of above conversion was ` 3,00,000. He subsequently sells stock-in-trade so converted for `4,00,000 on June 10, What shall be taxable under head PGBP? a) ` 2,40,000 b) ` 3,40,000 c) ` 1,00,000 d) Nil 61. Anil owns a house property. Following are the details about property Municipal Value of House = 72,000 p.a. Fair rent of House = 66,000 p.a. Standard rent of House = 60,000 p.a. The house was let out at 6000 p.m. but was sold on 1 st January, Find out income from House Property for the assessment year a) Nil b) 50,400 c) 42,000 d) 37, Mr. Vivek owns a house property which is 10,000 p.m. During the previous year ending 31 st march 2017, He received arrears of rent of 30,000 & unrealised rent of 20,000. Compute income from House property a) 84,000 b) 1,04,000 c) 1,25,000 d) 1,19, Second proviso is not applicable a) Where first proviso has been applied b) on bonds/debentures of any company c) on bonds issued by Government d) All of the above 64. Bonus shares/securities shall be valued at and period of holding shall be from. a) Purchase price, date of offer b) Nil, date of offer c) Nil, date of allotment d) purchase price, date of allotment 65. Which section deals about taxability of insurance claims received

8 a) Section 45(1A) b) Section 45(2) c) Section 45(2) d) Section 45(1) 66. Why is exemption under section 54EC available? a) Assessee shall invest capital gains in bonds of RECI within 9 months of date of transfer b) Assessee shall invest capital gains in bonds of NHAI within 6 months of date of transfer c) Assessee shall invest capital gains in bonds of RECI or NHAI within 6 months of date of transfer d) Assessee shall invest capital gains in bonds of RECI or NHAI within 9 months of date of transfer 67. Cost of improvement of Tenancy Rights, Route Permits or Loom Hours shall be: a) Nil b) Any capital expenditure incurred on the improvement of such asset c) Any capital expenditure incurred on the improvement of such asset on or after d) None of the above 68. Where the capital asset is converted into stock in trade, the indexation of cost of acquisition and cost of improvement shall be done: a) till the previous year of conversion of capital asset b) till the previous year in which such asset is sold c) any of the above d) none of the above 69. Unlisted Shares held for 23 months is: a) Long term capital asset b) Short term capital asset c) Either of the above d) None of the above 70. Distribution of assets at the time of partial or complete partition of HUF shall: a) be regarded as transfer in the hands of HUF for capital gains purpose b) be regarded as transfer in the hands of Co-parceners c) not be regarded as transfer in the hands of HUF d) neither regarded as transfer in the hands of HUF nor in the hands of Co-parceners 71. The exemption under section 54B shall be allowed to: a) any assessee b) individual assessee c) individual and HUF d) Corporate assessee 72. For an Resident individual who has derived short term capital gains of ` 4,00,000 from transfer of listed equity shares after , with other income of ` 2,00,000 (these two income making up his Total Income), income tax payable in respect of short term capital gains is: a) ` 52,500 b) 54,075 c) ` 60,000 d) None of the above 73. Exemption under section 54EC shall be available to: a) any assessee b) individual only c) resident individual and HUF d) None of the above

9 For Any Doubt you can whatsapp or message at Love CA Vivek Gaba (CS Tax Faculty) Target 90+ in Tax Laws All The Very Best.