Top 150+ Solved Income Tax Law and Practice MCQ Questions Answer
Q. For being long term capital gain, the asset should be retained by the assessee for a period of:
a. 36 months
b. More than 36 months
c. 24 months
d. 12 months
Q. Which among the following is not a capital asset?
a. Household furniture
b. Car for personal use
c. Stock-in-trade
d. All of these
Q. For being a long term capital gain, the assessee should retain the shares for a period of:
a. 12 months
b. Less than 12 months
c. More than 12 months
d. None of these
Q. Which among the following is not a capital asset?
a. Goodwill of business
b. Jewellery
c. Car used for business purposes
d. Agricultural land situated in a village
Q. Which among the following is not chargeable to tax under the head, income from othersources?
a. Winnings from lottery
b. Interest from bank
c. Dividend from co-operative society
d. Profit on sale of the goodwill of a business
Q. The deduction allowable in respect of family pension is:
a. Entire amount of family pension
b. 33 1/3 % of the family pension
c. 33 1/3 % of the family pension or Rs: 15,000 whichever is less
d. 30 % of the family pension or Rs: 15,000 whichever is less
Q. The inclusion of others’ income in the income of an assessee is called:
a. Aggregation
b. Clubbing
c. Set-off
d. None of these
Q. If marriage of parents subsists, the income of a minor child:
a. Shall be included in the income of mother
b. Shall be included in the income of father
c. Shall included in the income of that parent whose total income is greater
d. Shall included in the income of that parent whose total income is less
Q. When the income of minor child is included in the income of parent, then parent isentitled to an exemption up to:
a. Rs: 1,000 per child
b. Rs: 1,500 per child
c. Rs: 3,000 per child
d. None of these
Q. Loss in respect of speculation business can be:
a. Set-off with profit from non-speculation business.
b. Set-off with profit from another speculation business
c. Set-off with income from house property
d. Set-off with income from other sources
Q. The losses of non-speculation business can be carried forward and set off against:
a. Profit from non-speculation business only
b. Profit from any business
c. Income from salary
d. All of the above
Q. The losses of non-speculation business can be carried forward for:
a. 6 years
b. 8 years
c. 10 years
d. Any number of years