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. No interest is available if the amount of refund of income tax paid is less than
  2. If a self occupied property is converted into HUF property without adequate consideration then
  3. Which of the following income is / are exempt from tax?
  4. Income of a minor will not be clubbed with his/her parent's income if
  5. The Income Tax Act 1961 came into force on
  6. The TDS Certificate issued by an employer to his employees in case of salary income is
  7. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum…
  8. Uncommuted pension received by a Government employee is fully exempt from tax.
  9. The amount of interest on borrowed capital allowable as deduction in case of a let out property is
  10. When a person has paid the security transaction tax on transfer of equity shares he does not have to…
  11. Every employer should pay fringe benefit tax within
  12. Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000…
  13. Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
  14. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in…
  15. The rates of income tax are specified in
  16. The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get…
  17. Which of the following statements is incorrect?
  18. Tax' is imposed on a person by
  19. Assessment year 2006-07 commenced on
  20. Income of minor child, if clubbed with income of parents, is exempt from tax up to
  21. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  22. Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first…
  23. TDS, in case of salary should be deposited within
  24. Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
  25. The income of previous year of an assessee is taxed during the following assessment year
  26. House Rent Allowance is exempt from tax
  27. For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
  28. For a senior citizen the amount of deduction U/s 80D available is
  29. The rates of Income Tax are specified in
  30. Sec. 234A deals with