If a self occupied property is converted into HUF property without adequate consideration then
Entire income from such property will be clubbed with the income of the transferor
50% of such income will be clubbed
Such income will not be clubbed
None of the above
Correct Answer :
A. Entire income from such property will be clubbed with the income of the transferor
Related Questions
Sec. 234A deals with
Interest in default in furnishing return of income
Interest for concealment of particulars
Interest for default in payment of advance tax
None of the above
TDS, in case of salary should be deposited within
Within 15 days from the end of the month in which such tax is deducted
Within 30 days from the end of the month in which such tax is deducted
Within 7 days from the end of the month in which such tax is deducted
On the next working day
Income of a minor will not be clubbed with his/her parent's income if
Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge
Child is illiterate
Parents are handicapped
the child does not give her consent
Which of the following statements is incorrect?
Income tax is a direct tax
Wealth tax is a central govt. tax
Excise duty is an example of direct tax.
Entry tax is a state govt. tax.
Assessment year 2006-07 commenced on
1st April '05
1st April '06
1st April '07
31st March '06
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
True
False
Income of minor child, if clubbed with income of parents, is exempt from tax up to
Rs.1,000
Rs.1,500
Rs.1,200
None of the above
The first income tax act was introduced in the year
1918
1861
1860
1886
If a self occupied property is converted into HUF property without adequate consideration then
Entire income from such property will be clubbed with the income of the transferor
50% of such income will be clubbed
Such income will not be clubbed
None of the above
The apex body of Income Tax Department. is
Finance Ministry of Central Govt.
Central Govt. of India.
CBDT
Dept. of Revenue
The rates of Income Tax are specified in
Income Tax Act, 1961
Income Tax Rules, 1962
Finance Act
Circulars of CBDT
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
The TDS Certificate issued by an employer to his employees in case of salary income is
Form 16
Form 26
Form 26A
Form 26Q
Which one of the following taxes is not levied by the State Government?
Entertainment tax
VAT
Professional tax
None of the above.
A company is considered to be resident if
It is an Indian Company
During the previous year it's control and management is situated wholly in India
(a) & (b) both
Any of the above
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
Resident
Not Ordinarily Resident
Non Resident
All of the above.
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
Individual and HUF
Corporate
Partnership firm
None of the above
The rates of income tax are specified in
Income Tax Act 1961
Income Tax Rule 1961
Finance Act
Circular of CBDT
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
Tax' is imposed on a person by
State Govt.
Central Govt.
Both of the above
None of the above
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
Any receipt of casual and non-recurring nature is known as casual income
True
False
Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000 from present employer and Rs.50,000 from the company he is going to join from 01.04.2006, during the previous year 2005-06. The total amount of salar
Rs.1,60,000
Rs.1,30,000
Rs.1,10,000
Rs. 80,000
YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income earned by the club from such letting-out will be chargeable under the head
Income from salary
Income from House Property
Income from Other Sources
Income from Business and Profession
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
Expected Rent can be determined in the following way
Higher of Municipal Value & Fair Rent
Lower of Municipal Value & Fair Rent
Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
Any of the above
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
True
False
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
None of the above
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
True
False