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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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
A
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 6
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
B
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 7
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.
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
B
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 8
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
B
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 9
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
A
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 10
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
B
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 11
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
B
12H AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 12
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
MCQ QUESTIONS CHAPTER -4 UNIT-4 CAPITAL GAIN
D
12AUG 2021 © THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA 13
THANK YOU
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