Tax Book 2023

Capital Gains Chapter- 12

(b) FTR

(c) SBI

Q.19. Capital gain tax shall not be chargeable on disposal of securities which are held for a period of
__.
(a) one year
(b) two years
(c) three years
(d) six months
(e) Seventy two months

Q.20. ‘Derivatives’ is a general term for financial assets that are “derived” from other___.

(a) fixed assets

(b) current assets

(c) financial assets

(d) income

Q.21. Any distribution received from NIT or a Mutual Fund of ICP out of the Capital Gains on which tax has
already been paid are___.
(a) Permanently exempt
(b) Fully Taxable
(c) Chargeable to tax

Q.22. Which one of the following is not a ‘security’ ___.

(a) share of a public company

(b) voucher of PTC

(c) Modaraba Certificates

(d) Lease hold right

Q.23 Gain on disposal of plot being an immovable property is chargeable to tax at _____%, where holding
period is more less than one year.
(a) 10
(b) 2
(c) 3. 5
(d) 15

Q.24 Where jewellery being as capital asset under section 37 is sold after one year, ____ of gain on
such assets is exempt from tax.
(a) 0%
(b) 25%
(c) 75%
(d) 100%

Q.25 A loss on the sale of jewellery is ___ under the head capital gain.

(a) recognized

(b) not recognized

(c) taxable

(d) none of above

Q.26 Redeemable capital instruments are chargeable to tax under section _____.

(a) 37

(b) 38

(c) 37A