If an assessee makes an absolute transfer of an asset without any consideration then any income from such property should be clubbed with the income of the assessee.

A. True

B. False

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  1. TDS, in case of salary should be deposited within
  2. Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
  3. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  4. House Rent Allowance is exempt from tax
  5. PAN is necessary for the following assessees -
  6. The CBDT consists of
  7. Contribution to superannuation fund is
  8. Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
  9. Any receipt of casual and non-recurring nature is known as casual income
  10. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum…
  11. Expected Rent can be determined in the following way
  12. Uncommuted pension received by a Government employee is fully exempt from tax.
  13. The rates of Income Tax are specified in
  14. If both parents are earning then income of a minor child will be clubbed with
  15. Tax' is imposed on a person by
  16. The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
  17. Which of the following income is / are exempt from tax?
  18. Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000…
  19. The Income Tax Act 1961 came into force on
  20. The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get…
  21. The rates of income tax are specified in
  22. Which one of the following taxes is not levied by the State Government?
  23. When a person has paid the security transaction tax on transfer of equity shares he does not have to…
  24. Sec. 234A deals with
  25. No interest is available if the amount of refund of income tax paid is less than
  26. YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income…
  27. If a self occupied property is converted into HUF property without adequate consideration then
  28. Tax on fringe benefit has been introduced from the assessment year
  29. For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
  30. A company is considered to be resident if