Top 150+ Solved Business Taxation MCQ Questions Answer
Q. Rent received by original tenant from sub-tenant is taxable under the head
a. income from house property
b. income from other sources
c. income from capital gain
d. none of the above
Q. Rent from House Property let out by an assessee to his employees whensuch letting is incidental to his main business will be chargeable to taxunder head .
a. profit and gain from business and profession
b. income from capital gain
c. income from house property
d. all of the above
Q. When annual value of one-self occupied house is nil, the assesses will beentitled to the standard deduction of .
a. 10%
b. 20%
c. nil
d. none of the above
Q. Gross annual value shall be higher of .
a. expected rent
b. actual rent received or receivable
c. all of the above
d. none of the above
Q. Income from property held under trust for charitable or religious purposesis .
a. exempted from tax
b. taxable @ 10%
c. taxable @ 20%
d. none of the above
Q. For computation of Gross Annual Value, if actual rent is more thanexpected rent, then we select the .
a. actual rent
b. expected rent
c. any of the above
d. none of the above
Q. The charging section of the income under the head capital gains is :
a. section 15
b. section 17
c. section 10
d. section 45 (2)
Q. Which of the following is not a requisite for charging income-tax on capitalgains –
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
Q. The following shall not be regarded as capital asset:
a. urban land
b. securities held by a foreign institutional investor as per sebi act, 1992
c. archaeological collections
d. motor car
Q. The following shall be regarded as capital asset:
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
Q. The following shall not be regarded as capital asset:
a. jewellery
b. rural agricultural land
c. archaeological collections
d. personal residential house
Q. The following shall be regarded as capital asset:
a. jewellery
b. sculptures
c. archaeological collections
d. all of the above
Q. Capital asset excludes all except
a. stock-in-trade
b. personal effects
c. jewellery
d. agricultural land in india.
Q. Which of the following are included in the jewellery -
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.