RIGHT ACCOUNTANCY

TAX LAW-MCQ-03.02.2016_

INCOME UNDER THE HEAD CAPITAL GAINS

1. Date of allotment of 200 No. of bonus shares was 1.03.1981.FMV of these bonus shares on 1.04.1981 was
Rs.10 each. Date of sale is 1.02.2015 and sale price is Rs.120 each. What will be the amount of capital gain if
these shares are unlisted.:
a)Rs.3520 b)Rs.24000 c)Rs.22000 d)Exempt

2. Date of allotment of 200 No.of bouns shares was 1.05.1981. FMV of these bouns shares on 1.04.1981 was
Rs .10 each. Date of sale is 1.02.2015 and sale price is Rs.120 each. What will be the amount of capital gain if
these shares are unlisted:
a)Rs.3520 b)Rs.24000 c)Rs.22000 d)Exempt

3. Date of allotment of 200 No.of bonus shares was 1.03.1981.FMV of these bouns shares on 1.04.1981 was
Rs.10 each. Date of sale is 1.02.2015 and sale price is Rs.120 each.What will be the amount of capital gain if
these shares are listed.
a)Rs.3520 b)Rs.24000 c)Rs.22000 d)Exempt

4. Date of acquisition of goodwill of business was 1.06.1978. Cost of acquisition was Rs.70,000. Its FMV on
1.04.1981 was Rs.2,00,000. Such goodwill is transferred on 1.03.2014 at Rs.60,00,000.What will be the
amount of capital gain?
a)Rs.41,22,000 b)Rs.53,42,700 c)Rs.58,00,000 d)Rs.59,30,000

5. Date of acquisition of goodwill of profession was 1.06.1978. Cost of acquisition was Rs.70,000.Its FMV on
1.04.1981 was Rs.2,00,000. Such goodwill is transferred on 1.03.2015 at Rs.60,00,000. What will be the
amount of capital gain?
a) Rs.39,52,000 b)Rs.52,83,200 c)Rs.59,30,000 d)Fully exempt

6. Self generated goodwill of business is sold for Rs.50,00,000.Goodwill of such was once estimated at
Rs.12,00,000 on 1.06.2001. Date of sale is 1.03.2015. What will be the amount of capital gain?
a) Rs.50,00,000 b) Rs.38,00,000 c)Rs.21,15,493 d) Fully exempt

7. Self generated goodwill of profession is sold for Rs.50,00,000. Goodwill of such profession was once estimated
at Rs.12,00,000 on 1.06.2001. Date of sale is 1.03.2015. What will be the amount of capital gain?
a)Rs. 50,00,000 b) Rs.38,00,000 c)Rs.23,54,930 d) fully exempt

8. A owns a house property which was purchased by him on 1.5.1979 for Rs.3,00,000. The said property was
destroyed by fire on 3.4.2013 and A received a sum of Rs.38,00,000 from the insurance company during
the year 2013-14. The market value of the above property as on 1.4.1981 was Rs.4,00,000. Compute the
capital gain for the assessment year 2014-15. (CII for F.Y.1980-81 =100, and for F.Y.2013-14=939)
a)Rs. 44,000 b)Rs. 34,00,000 c) Rs.35,00,000 d)Rs. 9,83,000

9. A Owns a house property which was purchased by him on 1.05.1979 for Rs. 3,00,000. The said property was
destroyed by fire on 3.4.2012. A Sum of Rs.38,00,000 from the insurance company is, however, received
during the year 2013-14. The market value of the above property as on 1.4.1981 was Rs.4,00,000. Compute
the capital gain for the assessment year 2014-15. (CII for F.Y.1980-81=100,F.Y.2012-13=852 and for
F.Y.2013-14=939)
a)Rs. 44,000 b)Rs. 34,00,000 c) Rs. 35,00,000 d) Rs.3,92,000

10. M owns two machineries eligible for depreciation at the rate of 15%. The WDV of these machines as on
1.4.2013 was Rs. 25,000 and Rs.40,000 respectively. No other asset was acquired in this block during the
year. One of these machines was sold during the previous year for Rs.75,000. Compute the capital gain.
a) STC Gain of Rs.10,000 b)STC Loss of Rs.10,000 c)LTC Gain of Rs. 10,000
d) No capital gain as depreciation would be allowed on one of the machines left with M