Tax Book 2023

Capital Gains Chapter- 12

Q.35 Where the shares of a private limited company being as capital asset is disposed off within one year,
_____ of gain is taxable.
(a) 100%
(b) 75%
(c) 25%
(d) 0%

Q.36 Provisions of section 37A are not applicable to _____.

(a) an insurance company

(b) a banking company

(c) both ‘a’ and ‘b’

(d) none of above

Q.37 An option to buy a __ is a derivative.

(a) treasury bond

(b) shares

(c) debentures

(d) all of above

Q.38 Capital loss under section 37 may not be adjusted against the capital gain under section __.

(a) 37

(b) 38

(c) 37A

(d) all of above

Q.39 ___ received as gift shall be chargeable to tax.

(a) medallion

(b) old coin

(c) painting

(d) none of above

ANSWERS

1 (c) 2 (d) 3 (c) 4 (c) 5 (a)

6 (d) 7 (b) 8 (d) 9 (a) 10 (b)

11 (b) 12 (b) 13 (a) 14 (a) 15 (a)

16 (b) 17 (b) 18 (a) 19 (e) 20 (c)

21 (a) 22 (d) (^23) (d) 24 (a) 25 (b)
26 (c) 27 (b) 28 (d) 29 (a) 30 (b)
31 (b) 32 (c) 33 (c) 34 (b) 35 (a)
36 (c) 37 (a) 38 (c) 39 (d)