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Thread: PCC - Objective Questions in Income Tax.

  1. #51
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 51. R gifted his house property to his wife in 2000. R has let out the house property @ Rs.5,000 p.m.

    The income from such house property will be taxable in the hands of :

    a) Mrs. R
    b) R. However , income will be computed first as Mrs. Rís income and thereafter clubbed in the income of R
    c) R as he will be treated as deemed owner & liable to tax

    Ans. c) R as he will be treated as deemed owner & liable to tax.

  2. #52
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 52. R transferred his house property to his wife under an agreement to live apart. Income from such house property shall be taxable in the hands of :

    a) R as deemed owner
    b) R. However, it will be first computed as Mrs. R income & Thereafter clubbed in the hands of R
    c) Mrs. R

    Ans. c) Mrs. R.

  3. #53
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 53. R gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of :

    a) R as deemed owner.
    b) R. However, it will be first computed as minor daughters income & clubbed in the income of R.
    c) Income of married minor daughter.

    Ans. c) Income of married minor daughter.

  4. #54
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 54. A has two house properties. Both are self-occupied. The annual value of

    a) Both house shall be nil
    b) One house shall be nil
    c) No house shall be nil

    Ans. b) One house shall be nil.

  5. #55
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 55. An assessee has borrowed money for purchase of a house & Interest is payable outside India.
    Such interest shall:

    a) Be allowed as deduction
    b) Not to be allowed on deduction
    c) Be allowed as deduction if the tax is deducted at source

    Ans. c) Be allowed as deduction if the tax is deducted at source.

  6. #56
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 56. Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.

    a) Income from salaries
    b) Other sources
    c) PGBP

    Ans. c) PGBP.

  7. #57
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 57. Perquisite received by the assessee during the course of carrying on his business or profession is taxable under the head.

    a) Salary
    b) Other sources
    c) PGBP

    Ans. c) PGBP.

  8. #58
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 58. Interest on capital or loan received by a partner from a firm is:

    a) Exempt U/S 10(2A)
    b) Taxable U/H business and profession
    c) Taxable U/H income from other sources

    Ans. b) Taxable U/H business and profession.

  9. #59
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 59. Under the head Business or Profession, the method of accounting which an assessee can follow shall be :

    a) Mercantile system only
    b) Cash system only
    c) Mercantile or cash system only
    d) Hybrid system

    Ans. c) Mercantile or cash system only.

  10. #60
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 60. An asset which was acquired for Rs. 5, 00, 000 was earlier used for scientific research. After the research was completed, the machinery was brought into the business of the assessee. The actual cost of the asset for the purpose of inclusion in the block of asset shall be :

    a) Rs.5,00,000
    b) Nil
    c) Market value of the asset on the date it was brought into business

    Ans. b) Nil.

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