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You are here: Home / CA Intermediate MCQs / Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Capital Gains

Arinjay Academy / September 22, 2018

Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Capital Gains

Articleship assessment test ICAI – MCQ

 

Question 1:- 

Profit or gain arising from transfer of a capital asset, effected in the previous year shall be chargeable to tax under the head _____________.

(a) Income from House Property

(b) Income from PGBP

(c) Income from Capital Gain

(d) Income from Other Sources

Question 2:- 

Capital Gains arises only when _____________ is transferred.

(a) Capital Asset

(b) Any asset

(c) Fictitious asset

(d) All of the above

 

PRACTICE CA INTERMEDIATE DIRECT TAX MCQ MAY 2020

 

Question 3:- 

Which of the following is not included in the definition of capital asset?

(a) Jewellery

(b) Archaeological collections

(c) Rural agricultural land

(d) Both A and B

 

Question 4:- 

Are sculptures included or excluded from the definition of capital asset u/s 2(14)?

(a) Included

(b) Excluded

(c) Partly included

(d) None of the above

 

PRACTICE CA INTERMEDIATE DIRECT TAX MCQ MAY 2020

 

Question 5:- 

Securities held by Foreign Institutional Investors ___________ be treated as capital asset.

(a) Shall

(b) Shall not

(c) Either A or B

(d) None of the above

Answers

  1. (c) Income from Capital Gain
  2. (a) Capital Asset
  3. (c) Rural agricultural land
  4. (a) Included
  5. (a) Shall
PRACTICE CA INTERMEDIATE DIRECT TAX MCQ MAY 2020

Filed Under: CA Intermediate MCQs Tagged With: Articleship assessment test, Articleship assessment test ICAI - Level 1 | Direct Tax MCQ - Capital Gains

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