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Question 1

X owns a piece of land situated in Varanasi (Date of acquisition : March 1, 1983, Cost of acquisition Rs. 20,000/- value adopted by Stamp duty authority at the time of purchase Rs. 45,000/-).On March 30, 2012 the piece of land is transferred for 4 lakh. Find out the capital gains chargeable to tax if the value adopted by the Stamp duty authority is 5.5 lakh. X does not dispute it. [CII-12-13: 852,11-12: 785,10-11:711]

Options :

A : Rs. 4,05,963/-

B : Rs. 3,45,963/-

C : Rs. 3,80,963/-

D : Rs. 4,15,963/-

Answer: A

Question 2

Topic 3, Volume C

An Oral Trust is deemed to be a written trust if a statement in writing is forwarded to the Assessing Officer within _________________ from the date of declaration of the trust.

Options :

A : 3 months

B : 6 months

C : 9 months

D : 1 year

Answer: A

Question 3

The application for Registration of Trust has to be made in the prescribed Form No. _______________ to the Chief Commissioner of Income Tax or the Commissioner of Income Tax of the area concerned.

Options :

A : Form 1A

B : Form 1B

C : Form 10A

D : Form 10B

Answer: C

Question 4

Which of the following statement(s) about FDAP Income is/are correct?

Options :

A : Only (i)

B : Only (ii)

C : Both (i) and (ii)

D : Neither (i) or (ii)

Answer: C

Question 5

Mr. Sahil has two daughter and is in receipt of education allowance of Rs 200 per month for each of them. What would be the taxable allowance in the hands of Mr. Sahil for the full FY.

Options :

A : NIL

B : Rs 1,200

C : Rs 2,400

D : Rs 4,800

Answer: C