Q1: Capital asset excludes all assets except

Q2: On 15/11/2020, Mr. J sold 1 kg of gold, the sale
consideration to which was Rs. 6,00,000. He had
acquired the gold on 11/12/1999 for Rs. 64,000. FMV
of 1 kg gold on 1/4/2001 was Rs. 62,000. The amount
of capital gains chargeable to tax for the AY 2021-
2022 i.e. PY 2020-2021 shall be

Q3: In term of section 2(29A), listed equity shares
are treated as long-term capital asset, if they are held
for a period of more than

Q4: Which of the following is not a required for
charging income tax on capital gains

Q5: Ms. J inherited a vacant land consequent to the
demise of her father on 10/6/2010. The land was
acquired by her father on 10/4/1970 for Rs. 40,000.
The FMV of the land on 1/4/2001 was Rs. 60,000
when SDV was Rs. 62,000 and on the date of
inheritance i.e., 10/6/2000 was Rs. 2,00,000. The cost
of acquisition for Ms. J is:

Q6: Mr. J purchased a car for his personal use for
Rs. 5,00,000 in April, 2020 and sold the same for
Rs. 5,50,000 in July, 2020. The taxable capital gains
would be:

Q7: Which of the following is not a capital asset for
Mr. J who is employed in a public sector bank?

Q8: On 1/6/2020 Mr. J transferred his vacant land to
Mr. D for Rs. 12,00,000. The land was acquired for
Rs. 3,00,000. If indexation is applied, the indexed cost
of acquisition would be Rs. 3,30,000. The taxable
capital gain would be:

Q9: Mr. J sold a vacant land to Mr. D for
Rs. 36,00,000. For stamp duty purpose, the value of
land was Rs. 41,00,000 u/s 50C. The indexed cost of
acquisition of land was computed at Rs. 20,00,000. The
taxable long term capital gain would be:

Q10: Capital gain arises on:

Q11: Capital gains is calculated when

Q12: Short-term capital gain is gain arising from the
transfer of a land and building which is held by the
assessee for not more than:

Q13: If unlisted debentures are sold after 12 months
but before 36 months, the capital gain arising from
such sale is a:

Q14: Distribution of assets at the time of complete
partition of HUF shall

Q15: Transfer of capital asset as a gift shall

Q16: Cost of improvement means capital
expenditure done on the value addition of capital
asset. It shall be considered for calculation of capital
gains and

Q17: In case of long-term capital gain, the amount
to be deducted from sale consideration shall be:

Q18: The assessee is allowed to opt for market value
as on 1/4/2001 in case of:

Q19: Where the capital asset became the property of
the assessee in any mode given u/s 49(1), the cost of
acquisition of such assets shall be:

Q20: Short term capital gain arising from the
transfer of equity share and units of equity oriented
mutual fund shall be taxable:

Q21: Deduction u/s 80C to 80U are allowed from

Q22: Mr. J purchased one motor car for his personal
use and subsequently it was sold by him within 6
months at some profit.

Q23: Distribution of assets at the time of partition of
HUF shall

Q24: Transfer of capital asset under a gift or will

Q25: Which of the following is capital assets:

Q26: Which of the following assets is long term
capital assets:

Q28: Mr. J purchased gold on 1/1/2019 for
Rs. 7,00,000 and sells this gold for Rs. 10,00,000 on
1/1/2021. Selling expenses have been 1% of the sale
price. Calculate Capital Gains for the AY 2021-2022
i.e. PY 2020-2021

Q29: Mr. J purchased a house for Rs. 20,00,000 on
1/1/2019. On 1/1/2020 he had constructed one
additional floor at the cost of Rs. 5,00,000. On
1/1/2021 this house has been sold off for Rs. 51,00,000
and selling expenses have been Rs. 1,00,000. Calculate
capital gains for AY 2021-2022 i.e. PY 2020-2021.

Q30: Mr. J purchased 100 listed equity shares of
Reliance Industries Limited for Rs. 300 each on
15/4/2020. On 15/3/2021 he had sold all the shares
for Rs. 410 each and brokerage paid has been 1%.
Calculate the capital gains for the AY 2021-2022 i.e.
PY 2020-2021.

Q31: Mr. J has purchased a land on 1/4/2001 for
Rs. 50,000 and constructed one floor on this land at the
cost of Rs. 3,00,000 on 1/1/2011. He constructed one
additional floor on this on 1/1/2014 at the cost of
Rs. 7,00,000. The house has been gifted by him to his
son on 1/1/2020. Calculate Capital Gains for Mr. J
for the AY 2021-2022 i.e. PY 2020-2021

Q32: Mr. J purchases a house property in December
2006 for Rs. 10,25,000 and an amount of Rs. 7,05,000
was spent on the improvement and repairs of the
property in March 2011. The property was proposed
to be sold to Mr. Z in the month of May, 2019 and
an advance of Rs. 40,000 was taken from him. As the
entire money was not paid in time, Mr. J forfeited
the advance and subsequently sold the property to
Mr. Y in the month of March, 2021 for Rs. 46,00,000.
FMV of the property on 1/4/2001 was Rs. 11,00,000.
Compute Capital Gain chargeable to tax for AY
2021-2022 i.e. PY 2020-2021.

Q33: Mr. J has sold a residential house for
Rs. 51,00,000 on 27/2/2021 and selling expenses have
been Rs. 1,00,000. The Indexed Cost of acquisition for
this house is Rs. 27,80,000. Mr. J has deposited
Rs. 15,00,000 in the capital gain accounts scheme on
30/7/2021 and Rs. 7,50,000 on 18/8/2021. The last date
for filling of ITR is 31/7/2021. Calculate the amount
of taxable capital gains for AY 2021-2022 i.e. PY
2020-2021.

Q34: Any transaction allowing possession of any
................. to be taken or retained in .........................
of a contract of the nature referred to in section 53A
of Transfer of Property Act is regarded as a transfer

Q35: As per Section 48, short term capital gain shall
be computed as

Q36: While computing indexed cost of acquisition,
COA shall be divided by—

Q37: While computing indexed cost of
improvement, it shall be divided by

Q38: As per general rule, capital gain from transfer
of capital asset is taxable in which year

Q39: Which of the following is not a capital asset as
per Section 2(14)

Q40: Gold utensils are ................. and silver utensils
are ............................

Q41: As per the contention of Assessing Officer
gold bars, sovereigns etc. used for Puja are capital
asset and hence, attracts capital gains. Is the
contention of Assessing Officer valid?

Q42: Mr. J, while computing capital gain on
enhanced compensation deducted litigation expenses
incurred by him. Assessing Officer contended that
litigation expenses are non-deductible. Is the
contention of Assessing Officer valid?

Q43: Which of following shall be considered to
decide whether the asset is investment or SIT?

Q44: A capital asset which was subject to
negotiation and for which advance has been received
on 17/7/2020. The negotiations failed and the
advance money was forfeited. The advance shall be
treated in which of following manner?

Q45: Brokerage paid on sale of shares...................
from the sale consideration

Q46: Cost of improvement incurred before 1/4/2001
..................... in all cases.

Q47: On 31/1/2021 Mr. J has transferred selfgenerated goodwill of his profession for a
consideration of Rs. 70,000 & incurred expenses of
Rs. 5,000 for such transfer. You are required to
compute capital gains taxable in hands of Mr. J

Q48: Which of following would be regarded as
transfer

Q49: Land or building would be long term capital
asset only if it is

Q50: Mr. J has received a sum of Rs. 3,40,000 as
interest on enhanced compensation for compulsory
acquisition of land by State Government in May,
2020, of this, only Rs. 12,000 pertains to the current
year and the rest pertains to earlier years. The
amount chargeable to tax for the AY 2021-2022 i.e.
PY 2020-2021 would be

Q51: Mr. J received Rs. 7,00,000 by way of enhanced
compensation in March, 2021. A further sum of
Rs. 2,00,000 decreed by the court is due but not
received till 31/3/2021. Amount of income
chargeable to tax for the AY 2021-2022 i.e. PY
2020-2021 would be:

Q52: Cost of acquisition of securities held with
depository is to be computed by

Q53: Distribution of assets by a partnership at the
time of dissolution of firm shall be regarded as a
transfer and subject to capital gain:

Q54: Conversion of capital asset into stock in trade
will result into capital gain of the previous year:

Q55: Conversion of personal assets into inventory
shall

Q56: When capital asset is converted into stock in
trade then for purpose of computation of capital
gain, the sale consideration shall be

Q57: Where the capital asset is converted into stock
in trade, the indexation of cost of acquisition and
cost of improvement shall be done:

Q58: Where a partner transfers any capital asset into
the business of firm the sale consideration of such
asset to the partner shall be:

Q59: Where any capital asset is transferred by a firm
to its partner by way of distribution on the
dissolution of firm the sale consideration shall be:

Q60: Where a capital asset other than urban
agricultural land is compulsorily acquired then the
capital gain shall arise in the previous year:

Q61: In the case of compulsory acquisition, the
indexation of cost of acquisition or cost of
improvement shall be done till the:

Q62: In case of compulsory acquisition, if an
assessee receives enhanced compensation then
enhanced compensation is taxable as:

Q63: In case of compulsory acquisition if enhanced
compensation is received then for purpose of
computation of capital gain the cost of acquisition
and cost improvement in that case shall be taken as:

Q64: In case of compulsory acquisition if initial
compensation or enhanced compensation is received
by legal heir due to death of assessee, then capital
gain shall:

Q65: An interim order in relation to enhanced
compensation was passed by court on 10/5/2020
amount was also received in pursuance of order.
Compensation so received shall be taxable

Q66: Mr. J converts his capital asset (acquired on
10/6/2009 for Rs. 60,000) into SIT in 10/3/2021. The
FMV on date of date of above conversion was
Rs. 3,00,000. He subsequently sells stock-in-trade so
converted for Rs. 4,00,000 on 10/6/2021. What is date
of transfer of asset?

Q67: Distribution of assets at the time of liquidation
of a company

Q68: Mr. J entered into an agreement with Mr. D for
sale of a building for Rs. 20,00,000 in June, 2020. Mr.
J received advance of Rs. 2,00,000. Subsequently the
agreement was cancelled and Mr. J forfeited the
advance money. The advance money is:

Q69: The cost of acquisition of the shares given
under the scheme of employee stock option plan
shall be:

Q70: If any advance money received by the assessee
under the agreement of transfer which could not be
matured is forfeited before 1/4/2014 then such
money shall

Q71: If any advance money received by assessee
under agreement of transfer which could not be
matured is forfeited after 1/4/2014 then such money
shall

Q72: Where the entire block of the depreciable asset
is transferred after 36 months of its use there will be:

Q73: For claiming exemption u/s 10(37), urban
agricultural land is used for ...................by HUF or
individual or a parent of individual during the period
of ............immediately preceding date of transfer

Q74: Capital gain on transfer of depreciable asset
would be

Q75: U/S 50C, the guideline value for stamp duty is
taken as the full value of consideration only if

Q76: For claiming exemption u/s 54EC, an assessee
has to invest the resultant capital gains within a
specified period in some bonds. Which of the
following is not eligible for such investment?

Q77: In order to enjoy exemption u/s 54EC, the
resultant long-term capital gains should be invested
in specified bonds within a period of -----------------
from the date of transfer

Q78: Residential house is sold for Rs. 90,00,000 and the
long-term capital gains computed are Rs. 50,00,000.
The assesses bought two residential houses for
Rs. 30,00,000 and Rs. 20,00,000 respectively. The
amount eligible for exemption u/s 54 would be:

Q79: Under which section the assesses has to reinvest
the entire amount of net sale consideration to claim
full exemption for the long-term capital gains earned
during a previous year

Q80: Long term capital gains on sale of a long-term
capital asset on 15/10/2020 is Rs.105,00,000. The
assesses invested Rs.45,00,000 in RECI bonds on
31/3/2021 and Rs.55,00,000 in NHAI bonds on
18/5/2021. The amount of exemption eligible u/s
54EC is:

Q81: Mr. J sold a vacant land for Rs. 120,00,000 on
10/10/2020. The indexed cost of acquisition amount
to Rs. 18,00,000. He deposited Rs. 50,00,000 in RECI
bonds in January 2021 and another Rs. 50,00,000 in
March, 2021. The amount of capital gain liable to
tax after exemption u/s 54EC is:

Q82: For claiming exemption u/s 54, the assessee
should transfer:

Q83: Exemption u/s 54 is available to:

Q84: For claiming exemption u/s 54, the assesses
should purchase residential property:

Q85: For claiming exemption u/s 54, the assessee
should complete the construction of the residential
property:

Q86: The exemption u/s 54 shall be available:

Q87: If the assessee wishes to deposit money under
capital gain scheme for claiming exemption u/s 54,
it should be deposited:

Q88: Amount unutilized in the capital gain scheme
which was deposited for the construction of the
house property, for which exemption was claimed
u/s 54 shall be treated a long-term capital gain of:

Q89: The new house purchased or constructed for
which exemption was claimed u/s 54 should not be
transferred within 3 years:

Q90: If a new house property for which exemption
was claimed u/s 54 is transferred within 3 years:

Q91: For claiming exemption u/s 54B, the capital
asset transferred should be:

Q92: The exemption u/s 54B is allowed to:

Q93: For claiming exemption u/s 54B, the
agricultural land must have been used for agriculture
purpose by the HUF or the individual or his parents
for at least:

Q94: For claiming exemption u/s 54B the assessee
should acquire:

Q95: For claiming exemption u/s 54B the new
agricultural land should be purchased:

Q96: Amount unutilized in the capital gain scheme
for which exemption u/s 54B was claimed shall be
treated as:

Q97: If the new agricultural land purchased for
which exemption was claimed u/s 54B is transferred
within 3 years then:

Q98: Exemption u/s 54D is available to:

Q99: Exemption u/s 54D is available if there is:

Q100: Exemption u/s 54D is available if there is a
compulsory acquisition of:

Q101: For claiming exemption u/s 54D the assessee
should purchase and/or construct another land and
building within:

Q102: If the new land and building acquired for
claiming exemption u/s 54D, is transferred within 3
years then there will be:

Q103: New assets acquired for claiming exemption
u/s 54, 54B or 54D if transferred within 3 years will
result in:

Q104: Exemption u/s 54EC shall be available to:

Q105: Exemption u/s 54EC shall be available for
transfer of:

Q106: u/s 54EC the assessee shall be allowed
exemption:

Q107: For claiming exemption u/s 54EC amount to
the extent of the capital gain subject to maximum of
Rs. 50,00,000 should be invested:

Q108: For claiming exemption u/s 54EC, the amount
of capital gain should not be invested in bonds of:

Q109: For Section 54EC capital gain account scheme
is:

Q110: Exemption u/s 54F is available to:

Q111: Exemption u/s 54F is available in respect of
transfer of:

Q112: Exemption u/s 54F is available if the asset
transferred is:

Q113: Exemption u/s 54F is available

Q114: Exemption u/s 54F is available if the new asset
acquired is:

Q115: For claiming exemption u/s 54F, the amount to
the extent of net sale consideration is to be invested
in the purchase of residential house property within:

Q116: For claiming exemption u/s 54F the amount to
the extent of net sale consideration to be invested in
the completion of the construction house property
within:

Q117: Exemption u/s 54F shall not be allowed if
the assessee on the date of transfer owns:

Q118: In which section the benefit of the depositing
in the capital gain account scheme is not available
for claiming the exemption of capital gains:

Q119: Where after depositing the amount under
capital gain scheme, the individual assessee has
died, the amount lying in the capital gain scheme:

Q120: In case of compulsory acquisition the period
for investment in specified assets u/s 54, u/s 54B, u/s
54D and u/s 54F shall be reckoned from:

Q121: From following particulars, compute taxable
capital gains of Mr. J for the AY 2021-2022 i.e. PY
2020-2021, when asset transferred is Jewellary
Cost in FY 2001-2002, when purchased Rs. 1,82,000
Sale price in January 2021 Rs. 11,50,000
Expenses on transfer Rs. 7,000
Residential house purchased, March 2021 Rs. 10,00,000

Q122: U/s 54F, capital gains are exempted if

Q123: U/s 54EC, capital gains on transfer of land or
building or both are exempted if invested in the
bonds issued by NHAI & RECL or other notified
bond

Q124: Cost of acquisition in case of bonus shares
allotted before 1/4/2001 will be:

Q125: GGC Pvt. Ltd. issued 10,000 equity shares to
Mr. J at Rs. 18 per share when the FMV of each share
was determine at Rs.11 per share. Following
statements are given in this regard:
(1) Rs. 70,000 taxable as income for GGC Pvt. Ltd.
(2) Rs. 70,000 taxable as income for Mr. J

Q126: Mr. J acquired 1,000 equity shares of Rs. 10 each
in a listed company for Rs. 35,000 on 1/7/2012. The
company issued 1,000 rights shares in April, 2014 at
Rs. 15 per share. The company issued 2,000 bonus
shares in June, 2019. The market price was Rs. 50 per
share before bonus issue. The cost of acquisition of
bonus shares would be

Q127: Mr. J purchased shares of GCC Pvt Ltd. for
Rs. 5,00,000 on 3/4/2020. The shares were sold on
5/6/2020 for Rs. 7,00,000. He paid brokerage of Rs. 500.
Amount of capital gains chargeable to tax is:

Q128: Mr. J acquired 1,000 equity shares of GGC Ltd.
for Rs. 4,00,000 in April, 2004. He received bonus
shares on 1:1 basis in April, 2020 from the
company. He sold all bonus shares in January, 2021
through a recognized stock exchange for Rs. 8,00,000.
The capital gains chargeable to tax in the hands of
Mr. J for the AY 2021-2022 i.e. PY 2020-2021 is:

Q129: Period of holding of bonus share allotted shall
be reckoned from

Q130: No indexation of cost of acquisition is done in
case even though there is LTCA:

Q131: Securities transaction tax paid by the seller of
shares and units shall

Q132: Securities transaction tax paid by the purchaser
of shares and units shall

Q133: If the bonus shares are acquired before
1/4/2001 the cost of acquisition of such bonus share
shall be:

Q134: If bonus shares are acquired on or after
1/4/2001 cost of acquisition of such shares shall be:

Q135: The cost of acquisition of the right shares to a
person who purchased the right to acquire share
from the existing shareholder shall be:

Q136: Where the total income of an assesses includes
income by way of long-term capital gains arising
from transfer of listed securities (other than listed
equity shares) applicable income tax rate on such
income is

Q137: Long term capital gains on zero coupon bonds
are chargeable to tax

Q138: When preference shares of a listed company
held for more than 36 months are transferred for
Rs. 8,00,000, with original cost of acquisition of
Rs. 1,00,000 whose indexed cost of acquisition is
Rs. 2,00,000, the income tax payable would be:

Q139: Short term capital gains arising from the
transfer of listed equity shares in a company charged
with security transaction tax are subject to income
tax at the rate of

Q140: Total income for AY 2021-2022 i.e. PY 2020-
2021 of a non-resident individual including longterm capital gain u/s 112 of Rs. 60,000 is Rs. 2,60,000.
The tax on total income shall be:

Q141: Total income for AY 2021-2022 i.e. PY 2020-
2021 of a resident individual aged 58 years
including long-term capital gain u/s 112 of Rs. 50,000
is Rs. 2,70,000. The tax on total income shall be

Q142: Long term capital gain on sale of listed equity
oriented mutual fund on which STT has been paid
shall be:

Q143: Short term capital gain arising from the transfer
of equity share and units of equity oriented mutual
fund shall be Taxable:

Q144: Mr. J has transferred equity shares of ABC Ltd
(a listed company) on 1/3/2021 and paid securities
transaction tax (STT) on the same. He earned LTCG
of Rs. 1,38,000. What will be the taxability in hands of
Mr. J?

Q145: Short-term capital gains arising on transfer of
listed shares on which STT is paid at the time of
transfer, would be chargeable to tax

Q146: For an assessee, who is a salaried employee
who invests in equity shares, what is the benefit
available in respect of securities transaction tax paid
by him on sale and acquisition of 100 listed shares
of X Ltd. which has been held by him for 14 months
before sale?

Q147: Cost of improvement of self-acquired assets
such as Goodwill, Tenancy Rights, Route Permits or
Loom Hours shall be:

Q148: If the goodwill of a business, right to
manufacture or produce, tenancy rights, route permit
or loom hours is acquired before 1/4/2001 the cost
of acquisition of such asset shall be:

Q149: If goodwill of a profession which is selfgenerated is transferred there will