Income Tax - Quiz 3 UGC NET Income Tax / Income Tax Law and Practice Fair market value is relation to capital asset means the price : That is realised on its sale in the market. That the capital asset would ordinarily fetch on sale in the open Market on the relevant d Arrived at by way of bargaining between a knowledgeable buyer and Knowledgeable seller. Fixed under Rent Control Act Subsidy received from Government under scheme for promotion of industry is a ______. Revenue receipt Capital receipt Revenue expenditure Capital expenditure Income accruing in India but received outside India is taxable in respect of __________. only resident assessees only non resident assessees only not ordinarily residents All type of assessees Maximum exemption of Gratuity for retirement if covered under POGA is ______. 50,000 1,00,000 1,50,000 10,00,000 Ground rent as per section 24(I)(V) for computing income from house property is deducation on : Payment basis Receipt basis Not allowed Accrual basis Rate of tax for long term capital gain is _______. 5 % 10 % 20 % 30 % Rate of standerd Deduction u/s 24______. 1/5 th of NAV 1/4 th of NAV 30 % of NAV 10 % of NAV Consultancy fee received by lawyer is: Professional Receipt Capital Receipt Professional payment None of these Bonus shares received by a dealer of share is: capital receipt Revenue receipt Expected income Revenue expenditure Transferred balance is: Amount transferred from URPF to RPF account. Balance transferred from one bank account to other Compensation at the time of transfer of a employee Transfer of Gratuity Tax benefit for senior citizen is available to an assesse who has attained the age of ____. 50 Years 60 Years 65 Years 58 Years Deduction U/S 80C to female (below the age of 60) assesse is allowed the rate of: 50,000 1,00,000 1,50,000 2,00,000 Compiled by Ms.N.Divya
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