When a person has paid the security transaction tax on transfer of equity shares he does not have to pay any tax on long term capital gain arising on transfer of that equity share.

A. True

B. False

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  1. House Rent Allowance is exempt from tax
  2. Acceleration of income will not be clubbed with the income of the assessee who transfers such income…
  3. The rates of income tax are specified in
  4. Any receipt of casual and non-recurring nature is known as casual income
  5. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  6. Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
  7. Sec. 234A deals with
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  11. If both parents are earning then income of a minor child will be clubbed with
  12. Which one of the following taxes is not levied by the State Government?
  13. Which of the following statements is incorrect?
  14. The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
  15. The rates of Income Tax are specified in
  16. Contribution to superannuation fund is
  17. TDS, in case of salary should be deposited within
  18. Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first…
  19. No interest is available if the amount of refund of income tax paid is less than
  20. Tax' is imposed on a person by
  21. According to Section 2(7) of Income Tax Act "Assessee" means
  22. Income Tax Act 1922 is a "milestone" because
  23. The CBDT consists of
  24. The amount of interest on borrowed capital allowable as deduction in case of a let out property is
  25. Assessment year 2006-07 commenced on
  26. A company is considered to be resident if
  27. The first income tax act was introduced in the year
  28. Income of minor child, if clubbed with income of parents, is exempt from tax up to
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  30. For the purpose of Fringe Benefit Tax, the term 'Employer' does not include