Tax Book 2023

Capital Gains Chapter- 12

MULTIPLE CHOICE QUESTIONS

Q.1. Gain arising from the disposal of _____ is taxable under the head capital gains.

(a) Depreciable asset

(b) Eligible depreciable asset

(c) Securities

(d) All of the above

Q.2. ____are capital assets.

(a) Stock in trade

(b) Sculpture

(c) Immovable property

(d) Both b and c

Q.3. A person who derives his income by dealing in shares of private, unlisted and public limited
companies are covered under the head.
(a) Income from business
(b) Income from other sources
(c) Capital gains or
(d) All of the above

Q.4. A loss on the disposal of ___ is not recognized under the Income tax Ordinance, 2001.

(a) Securities not chargeable to tax

(b) Medallion

(c) Both (a) and (b)

(d) None of (a) to (c)

Q.5. Derivatives are a part of __.

(a) Capital assets

(b) Depreciable assets

(c) Current assets

(d) All of the above

Q.6. Where a capital asset (other than securities) is disposed off after one year of its acquisition, then gain
for tax purposes is __ of actual gain.
(a) ¼
(b) ½
(c) ¾
(d) None of (a) to (c)

Q. 7. Income from Modaraba certificates is now taxable under section _____.

(a) 37

(b) 37A

(c) 38(5)

(d) none of (a) to (c)

Q.8. Income from shares of a public company set up in any special Industrial zone is exempt up to--------
years from the date of commencement of commercial production.
(a) Three
(b) Four
(c) Five
(d) None of the above