CA INTERMEDIATE TOPIC NAME CAPITAL GAIN DAY-3 PAPER 4A ...

LIVE COACHING CLASSES BOARD OF STUDIES(A), ICAI

CA INTERMEDIATE

TOPIC NAME – CAPITAL GAIN DAY-3 PAPER 4A: INCOME TAX

CHAPTER-4 UNIT-4

Faculty Name: CA ANKIT SHARMA

Date: 17th August 2021

17TH AUGUST 2021 © The Institute of Chartered Accountants of India 2

12TH AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 3

1. Exemption under section 54F is available to-

A]All assessee

B]Individuals only

C]Individual as well as HUF

D]All assesses other than a company

MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN

C

12TH AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 4

2.The exemption under section 54F ,shall be available:

A]To the extent of capital gain invested in the residential

house property

B]Proportionate to the net consideration price invested

C]To the extent of amount actually invested

D]To the maximum extent of Rs50,00,000


B

12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 5

3.Total Income for the assessment year 2021-22 of a non-

resident individual including long term capital gain of

building Rs90,000 is Rs3,00,000. The tax on total income shall

be-

A]Rs. 18720

B]Rs .18000

C]Rs. 10400

D]Rs. 2600


A


4.Total Income of a resident individual aged 58 years

including long-term capital gain of [BUILDING] Rs.40,000 is

Rs2,60,000, tax on total income shall be:

A]Rs.1040

B]Nil

C]Rs 1,560

D]Rs. 2080


B


5.Long-term capital gain on sale of listed equity shares and units

of an equal oriented fund shall be.

A]Taxable @10% without indexation if sold through a recognized

stock exchange in India and such transaction is chargeable to

securities transaction tax

B]Taxable @ 10% without indexation provided it exceeds

Rs1,00,000

C] Taxable@15%

D] Exempt if sold through a recognized stock exchange in

India and such transaction is chargeable to securities.


B


6.If certain conditions are satisfied , individual or HUF can

claim exemption under section 54 by purchasing or

constructing two residential houses provided the amount of

capital gain does not exceed:

A] 1 crore

B] 2 crore

C] 3 crore

D] 5 crore


B


7.Ram acquired land from Ravan Ltd ., as on 15.12.2008 for Rs

8,00,000 which was sold on 15.5.2020 for Rs 20,50,000.

Expenses of transfer were Rs 20,000. He invests Rs 3,00,000 in

the bonds of Rural Electification Corporation Ltd on

16.10.2020. Compute the Capital Gain for the A. Y 2021-22:

A] LTCG Rs.2,72,336

B] STCG Rs. 2,72,336

C] Rs 17,57,664

D] None of Above


A


8.Ram purchased a plot of land in Agra for Rs15,00,000 on

5.7.2004. The land was sold on 5.6.2020 for

Rs 70,00,000.Compute the capital gain on sale of the house,if

he invested Rs2500000 to purchase new agricultural land in

rural area before due date of ROI.

A]Nil

B]LTCG Rs504425

C]LTCG Rs3004425

D]STCG Rs7000000


B


9.Mr. X has sold his land for a consideration of 2500000 to Mr. Y.

Mr. Y has paid stamp duty of 300000 @10% of stamp value.

The full value of consideration for computing CG in hands of Mr.

X in accordance with the provisions of section 50C will be?

A]25lacs

B]30lacs

C]28lacs

D]33lacs


B


10. Mr. Chandan (aged 70) received 30000 every month during

the FY 2020-21 on reverse mortgage of his property with SBI.

The amount of receipt liable to tax in the hands of Mr.

Chandan is?

A]260000

B]252000

C]40000

D] Nil


D

CA INTERMEDIATE TOPIC NAME CAPITAL GAIN DAY-3 PAPER 4A ...

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