Tax Book 2023

Capital Gains Chapter- 12

(d) 39

Q.27 In case capital assets are acquired through inheritance, the cost of asset for the transferor on the
date of ____ is treated as cost of assets for the transferee.
(a) disposal
(b) acquisition
(c) destruction
(d) all of above

Q.28 Profit on sale of personal car is taxable under the head ___.

(a) income from salary

(b) income from property

(c) income from business

(d) none of above

Q.29 Where a security has been disposed off within twelve (12) months from the date of its acquisition the
rate of tax shall be higher as compared to the rate applicable after _____months.
(a) 12
(b) 5
(c) 1
(d) none of above

Q.30 Holding period of security and other capital assets ___ on the taxability of capital gain on their
disposal.
(a) have no effect
(b) have effect
(c) none of above

Q.31 Rates for taxability of capital gains under section 37A for AOP and individuals are____.

(a) different

(b) equal

(c) none of above

Q.32 Capital gain is ___ where transfer of assets between spouses under an agreement to live apart,
under a gift from a relative, bequest or will, by succession, inheritance or devolution and distribution
of assets on dissolution of an AOP or on liquidation of a company.
(a) taxable
(b) exempt
(c) not recognized
(d) none of above

Q.33 The unadjusted capital loss under section 37 can only be carried forward upto the period of ___ years
immediately after the year of occurrence for adjustment against income from capital gain only.
(a) seven
(b) three
(c) six
(d) ten

Q.34 Loss on securities chargeable to tax can be carried forward to subsequent ___ tax years.

(a) seven

(b) three

(c) six

(d) none of the above