MCQs on Income Tax Act - 14

1. Shares held for less than 12 months are...................... 

A. Short term capital asset. 
B. Long term capital asset. 
C. Exempted capital asset. 
D. projected capital asset.



2. House property held for less than 36 months is........................ 

A. Long term capital asset. 
B. Short term capital asset. 
C. Exempted capital asset. 
D. projected capital asset.



3. Indexation is applicable to....................... 

A. Sale of short term capital assets. 
B. Sale of long term debentures. 
C. Sale of depreciable capital assets. 
D. Sale of long term capital assets which are not depreciable assets



4. Cost of long term debentures are..................... 

A. Eligible for indexing. 
B. Not eligible for indexing. 
C. None of these. 
D. All the above.



5. FMV on 1.4.81 is applicable to assets....................... 

A. Acquired prior to 1.4.81. 
B. Transferred prior to 1.4.81. 
C. Acquired after 1.4.81. 
D. None of the above.



6. Cost of improvement incurred prior to 1.4.81 is................ 

A. Indexed separately. 
B. Indexed along with cost of acquisition. 
C. Ignored fully. 
D. None of these.



7. Cost inflation rules for the purpose of long term capital gain has been notified by central government every year starting from the financial year.................. 

A. 1991-92. 
B. 1985-86. 
C. 1981-82. 
D. 1975-76.



8. Short term capital gain on sale of unlisted shares are................. 

A. Taxable. 
B. Exempted. 
C. Partially Exempted. 
D. Partially Taxable.



9. Long term capital gain on sale of unlisted shares are........................ 

A. Taxable. 
B. Exempted. 
C. Partially Exempted. 
D. Partially Taxable.



10. Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ............................. 

A. Another residential house. 
B. Land. 
C. Shares. 
D. Jewellery.



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