Question 1

Capital asset excludes all except

Accepted Answer

A)  stock-in-trade
B)  personal effects
C)  jewellery
D)  agricultural land in india. C

Question 2

The following shall be regarded as capital asset:

Accepted Answer

A)  gold jewellery held by jeweller as sit trade.
B)  securities held by fii as per sebi act, 1992, held as stock in trade.
C)  motor car held by motor car manufacturer as sit
D)  none of above B

Question 3

Which of the following is not a requisite for charging income-tax on capital gains -

Accepted Answer

A)  the transfer must have been effected in the relevant assessment year
B)  there must be a gain arising on transfer of capital asset
C)  capital gains should not be exempt u/s 54
D)  capital gains should not be exempt u/s 54ec A

Question 4

The charging section of the income under the head capital gains is :

Accepted Answer

A)  section 15
B)  section 17
C)  section 10
D)  section 45 (2)

Question 5

The following shall not be regarded as capital asset:

Accepted Answer

A)  jewellery
B)  rural agricultural land
C)  archaeological collections
D)  personal residential house

Question 6

A short term capital asset means a capital asset held by the assessee for not more than:

Accepted Answer

A)  12 months immediately preceding the month of its transfer
B)  24 months immediately preceding the date of its transfer.
C)  36 months immediately preceding the date of its transfer.
D)  none of the above.

Question 7

Which of the following are included in the jewellery -

Accepted Answer

A)  ornaments made of gold, silver and platinum.
B)  precious metals whether or not worked or sewn into any wearing apparel.
C)  semi-precious stones.
D)  all of the above.

Question 8

The following shall be regarded as capital asset:

Accepted Answer

A)  jewellery
B)  sculptures
C)  archaeological collections
D)  all of the above

Question 9

In terms of section 2(42A), listed securities are treated as long-term capital asset, if they are held for a period of more than -

Accepted Answer

A)  12 months
B)  36 months
C)  24 months
D)  48 months

Question 10

The following shall not be regarded as capital asset:

Accepted Answer

A)  urban land
B)  securities held by a foreign institutional investor as per sebi act, 1992
C)  archaeological collections
D)  motor car

Question 11

A Long term capital asset means a capital asset held by the assessee for more than:

Accepted Answer

A)  12 months immediately preceding the month of its transfer.
B)  24 months immediately preceding the date of its transfer.
C)  36 months immediately preceding the date of its transfer.
D)  none of the above.

Exam 4: Capital Gain

Capital asset excludes all except

The following shall be regarded as capital asset:

Which of the following is not a requisite for charging income-tax on capital gains -

The charging section of the income under the head capital gains is :

The following shall not be regarded as capital asset:

A short term capital asset means a capital asset held by the assessee for not more than:

Which of the following are included in the jewellery -

The following shall be regarded as capital asset:

In terms of section 2(42A) , listed securities are treated as long-term capital asset, if they are held for a period of more than -

The following shall not be regarded as capital asset:

A Long term capital asset means a capital asset held by the assessee for more than: