CA Final DT – Part I – Chapter 8 – Income from Other Sources MCQs – Set I

Which income head is also called “Residuary Head of Income”?

Profit or Gains that does not fall precisely under any other specific head but chargeable to tax, is chargeable under which head?

Which of the following are considered as dividend covered by Section 2(22)(a) to (d)?
i)        Distribution of accumulated profits, entailing release of company’s assets
ii)      Distribution of debentures, deposit certificates to share holders
iii)    Bonus shares to preference shareholders
iv)    Distribution on liquidation
v)      Distribution on reduction of capital

Which of the following are considered to be deemed dividend u/s 2(22)(e)?

Which of the following payments or loan given would not be deemed as dividend?

Which of the following do not constitute a dividend?

Accumulated profits with regard to section 2(22)(a), (b) (d) & (e) include all profits of the company upto

Which of the following will not form part of accumulated profits?

Accumulated profits for the purpose of Section 2(22)(c) – Distribution on Liquidation, includes which of the following profits?

Accumulated profits for the purpose of Section 2(22)(c) – Distribution on Liquidation, includes all profits upto the date of

In case of liquidation consequent to compulsory acquisition of an undertaking by Government or by any corporation owned or controlled by Government, the accumulated profits does not include any profits of the company prior to _______ successive previous years immediately preceding the previous year in which________ took place –

Which of the following are not considered as deemed dividend under Section 2(22)(e)?

What is the tax rate on any income by way of dividend received by a resident from a domestic or foreign company ?

Casual Income includes winnings from

Tax rate on casual income is-

Tax is deductible at source on casual income if such income

Anmol (P) Ltd issues 20000 shares of Face value Rs. 100 each. Issue price amounts to Rs. 150/- per share whereas the FMV of shares is Rs. 135/-per share. Identify the amount taxable u/s 56(2) (viib).

Bhavish (P) Ltd issues 10000 shares of Face value Rs. 100/- each. Issue price amounts to Rs. 130/- per share whereas the FMV of shares is Rs. 120/-per share. Does this situation attract provisions of Section 56(2) (viib). Identify the amount taxable.

Chandan (P) Ltd issues 50000 shares of Face value Rs. 100/- each. Issue price amounts to Rs. 98/- per share whereas the FMV of shares is Rs. 90/-per share. Does this situation attract provisions of Section 56(2) (viib) . Identify the amount taxable.

Provisions of Section 56 (2) (viib) is not attracted in which of the following cases?

What is the time period for which a company incorporated as a private limited company can be considered as a start up, from the date of incorporation/Registration?

What is the turnover limit upto which a company can be considered as a start up, from the date of incorporation/Registration?

Interest received on compensation/enhanced compensation deemed to be income in the year of _________ and is taxable under the head _______

Advance forfeited due to failure of negotiations for transfer of a capital asset is taxable under the head-

Which of the following is the correct tax treatment in case of Advance forfeited due to failure of negotiations for transfer of a capital asset?

Mr. X transfers an immovable property being land to his friend Mr. Y as a gift. The stamp duty value of such property amounts to Rs. 5,00,000/-. Determine the amount taxable in the hands of Mr. Y u/s 56(2)(x).

Mr. Suresh transfers an immovable property being land to his friend Mr.Ramesh for Rs. 10,00,000/-. The stamp duty value of such property amounts to Rs. 15,00,000/-. Determine the amount taxable in the hands of Mr. Ramesh under the head Income from other sources.

Mr. Sunil transfers an immovable property being residential unit to his friend Mr. Anil for Rs. 10,00,000/-. The stamp duty value of such property amounts to Rs. 15,00,000/-. What is the threshold limit on the fulfilment of which, the difference between actual consideration and stamp duty value is becomes taxable in the hands of Mr. Ramesh?

The benefit of higher threshold of 20% of consideration in case of transfer of immovable property being residential unit, as per section 56(2)(x) is subject to satisfaction of which of the following conditions?

In order to get the benefit of higher threshold of 20% of consideration in case of transfer of immovable property being residential unit, as per section 56(2)(x), the residential unit must be __________ in the hands of seller and _________ in the hands of the buyer.

Transfer of which of the following property would attract applicability of Section 56(2)(x) in the hands of the recipient?

Which of the following gifts are chargeable to tax?

Which of the following cases does not attract Section 56(2)(x)
Any sum of money or value of property received from

A capital asset includes

If an asset being Immovable property is held as capital asset, then transfer of such asset would result in ________________ in the hands of transferor