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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. If an assessee makes an absolute transfer of an asset without any consideration then any income from…
  2. The CBDT consists of
  3. Uncommuted pension received by a Government employee is fully exempt from tax.
  4. House Rent Allowance is exempt from tax
  5. The aggregate amount of deductions under chapter VI-A can not exceed
  6. Which one of the following taxes is not levied by the State Government?
  7. Acceleration of income will not be clubbed with the income of the assessee who transfers such income…
  8. For a senior citizen the amount of deduction U/s 80D available is
  9. The TDS Certificate issued by an employer to his employees in case of salary income is
  10. Contribution to superannuation fund is
  11. A company is considered to be resident if
  12. The Income Tax Act, which is still in force in India, was enforced in
  13. The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get…
  14. YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income…
  15. If a self occupied property is converted into HUF property without adequate consideration then
  16. Income of minor child, if clubbed with income of parents, is exempt from tax up to
  17. The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
  18. The apex body of Income Tax Department. is
  19. Income of a minor will not be clubbed with his/her parent's income if
  20. Expected Rent can be determined in the following way
  21. The rates of Income Tax are specified in
  22. The amount of interest on borrowed capital allowable as deduction in case of a let out property is
  23. Every employer should pay fringe benefit tax within
  24. If both parents are earning then income of a minor child will be clubbed with
  25. PAN is necessary for the following assessees -
  26. When a person has paid the security transaction tax on transfer of equity shares he does not have to…
  27. Which of the following statements is incorrect?
  28. The income of previous year of an assessee is taxed during the following assessment year
  29. Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000…
  30. Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first…