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Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.

A. True

B. False

Correct Answer : A.


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  1. The Income Tax Act, which is still in force in India, was enforced in
  2. The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get…
  3. Which of the following income is / are exempt from tax?
  4. The CBDT consists of
  5. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  6. A company is considered to be resident if
  7. Income of minor child, if clubbed with income of parents, is exempt from tax up to
  8. Tax' is imposed on a person by
  9. The TDS Certificate issued by an employer to his employees in case of salary income is
  10. Any receipt of casual and non-recurring nature is known as casual income
  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. If a self occupied property is converted into HUF property without adequate consideration then
  14. Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first…
  15. The term "Person" includes
  16. Income Tax Act 1922 is a "milestone" because
  17. Income of a minor will not be clubbed with his/her parent's income if
  18. When a person has paid the security transaction tax on transfer of equity shares he does not have to…
  19. If an assessee makes an absolute transfer of an asset without any consideration then any income from…
  20. The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
  21. YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income…
  22. The apex body of Income Tax Department. is
  23. The aggregate amount of deductions under chapter VI-A can not exceed
  24. The rates of income tax are specified in
  25. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum…
  26. Acceleration of income will not be clubbed with the income of the assessee who transfers such income…
  27. Expected Rent can be determined in the following way
  28. Uncommuted pension received by a Government employee is fully exempt from tax.
  29. No interest is available if the amount of refund of income tax paid is less than
  30. Which one of the following taxes is not levied by the State Government?