INCOME FROM OTHER SOURCES

1 Income under the head income from other source is taxable on:

(A) due basis

(B) receipt basis

(C) on the basis of method of accounting regularly employed by the assessee

(C)

2 Dividend declared by a domestic company:

(A) is fully exempt in the hands of shareholders

(B) fully taxable

(C) taxable but deduction is allowed u/s 80L on account of such dividend

(A)

3 Dividends declared by Unit Trust of India is:

(A) fully exempt in the hands of Unit holders

(B) fully taxable

(C) taxable but deduction is allowed u/s 80L

(A)

4 Deemed dividend is:

(A) taxable in all cases

(B) exempt in all cases except where a loan/advance is given to a

shareholder/concern by an Indian Company

(C) exempt in all cases except where a loan/advance is given by a closely held

domestic company to a shareholder who has 10 % voting power in the

domestic company or to a concern in which such shareholder has twenty

per cent voting power or share as the case may be

(C)

5 Where a closely held company gives a loan/advance to a shareholder who has 10 %

voting power in the company or to concern in which such shareholder has 20 %

share in case such concern is a non-company assessee or has substantial interest

(20 % voting power) in case it is a company then loan/advance so paid shall be

deemed dividend to the extent of:

(A) accumulated profits whether capitalized or not

(B) accumulated profits excluding capitalized profits

(C) the loan or advance so paid

(B)

6 Loans and advances paid by the closely held company to its shareholder having

10 % voting power is the ordinary cause of money lending business shall:

(A) be treated as deemed dividend

(B) not be treated as deemed dividend

(C) none of these two

(B)

7 Winning from lotteries, crossword puzzles, horse races and other races, card game,

etc., are casual income & hence:

(A) fully exempt

(B) exempt up to Rs.5,000

(C) fully taxable

(C)

8 For computing lottery, crossword puzzles, races, card games income, etc., the

assessee shall:

(A) be entitled to deduction for purchase/any expenditure incurred for earning

such income

(B) not be entitled to any deduction for purchase/any expenditure

(C) be entitled to deduction up to certain limits

(B)

9 The lottery, crossword puzzle, races, card games incomes, etc., are taxable at:

(A) normal slab rate of income-tax like any other income

(B) flat rate of 20 % + SC + EC @ 2 %

(C) flat rate of 30 % + SC + EC @ 2 %

(D) flat rate of 30 % + SC of 2.5 % + EC @ 2 %

(C)

10 If no system of accounting is followed, interest on securities is taxable on:

(A) due basis

(B) receipt basis

(C) due or receipt basis at the option of the assessee

(A)

11 The legal heir of the deceased who receives family pension is allowed a standard

deduction from such family pension received to the extent of:

(A) 1/3rd

of such pension subject to maximum of Rs.20,000

(B) 1/3rd

of such pension or Rs.15,000 whichever is less

(C) 1/3rd

of such pension or Rs.12,000 whichever is less

(B)

12 Where any sum of money, the aggregate value of which exceeds Rs.50,000 is

received without consideration the whole of the aggregate value of such sum shall

be taxable:

(A) in the hands of all assessees

(B) in the hands of an individual

(C) in the hands of an individual or an HUF

(D) in the hands of all assessees other than a company

(C)

13 An individual has received a gift of Rs.30,000 each during the PY from his two

friends, the amount taxable under the head income from the other sources shall be:

(A) Rs.10,000

(B) Rs.60,000

(C) Rs.NIL

(B)

14 Gift received by an individual on the accession of his/her marriage shall be:

(A) fully exempt even if it exceeds Rs.50,000

(B) fully taxable if its exceeds Rs.50,000

(C) exempt upto Rs.50,000 and balance taxable

(A)

15 Gift exceeding Rs.50,000 received by HUF from relative of the member of HUF

shall be:

(A) fully taxable

(B)fully exempt

(C) taxable to the extent it exceeds Rs.50,000

(A)

16 Gift exceeding Rs.50,000 received by an individual from his relative R shall be:

(A) fully exempt

(B) fully taxable

(C) exempt upto Rs.50,000 and the balance shall be taxable

(A)

17 Gift in kind received by an individual or HUF shall be:

(A) fully exempt whether the value of such gift is less than or more than

Rs.50,000

(B) fully exempt if the value of such gift does not exceed Rs.50,000

fully taxable

(A)

18 Any immovable property received by individual from unrelated person or HUF

without consideration shall be taxable to the extent of

(A) market value of the immovable property (B) Stamp Duty value fixed by the stamp duty authority (C) Stamp Duty value fixed by the stamp duty authority provided it exceed Rs

50,000 (C)

19 Any immovable property acquired by an individual or HUF for a price less than the

Stamp Duty value shall

(A) be taxable to the extent stamp duty value exceeds the purchase price (B) be taxable to the extent stamp duty value exceeds the purchase price by

more than Rs 50,000

(C) not be taxable (C)

20 Gift of specified movable property received by individual or HUF shall be taxable

in the hands of the recipient.

(A) to the extent of market value of the movable property as may be prescribed provided if it exceeds Rs 50,000

(B) to the extent of the cost of the movable property (A)

21 Where specified movable property is acquired during the previous year and its

market value exceeds the purchase price by more than Rs 50,000, such excess

amount shall be taxable in the hands of

(A) all assessee (B) all assessee other than company (C) individual or HUF only (C)

22 Gift, whether in cash or kind, received by an individual on the occasion of his/her

marriage shall be :

(A) fully exempt even if it exceeds Rs 50,000 (B) fully taxable if it exceeds Rs 50,000 (C) exempt upto Rs 50,000 and balance taxable (A)

23 Gift exceeding Rs 50,000 received by HUF from relative of the member of HUF

shall be

(A) fully taxable (B) fully exempt (C) taxable to the extent it exceeds Rs 50,000 (A)

24. Gift exceeding Rs 50,000 received by an individual from his relative R shall be:

(A) fully exempt (B) fully taxable (C) exempt upto Rs 50,000 and the balance shall be taxable (A)

25 Gift of immovable property or specified movable property received by an

individual from unrelated person or HUF shall be:

(A) fully exempt whether the value of such gift is less than or more than Rs 50,000

(B) fully taxable (C) fully taxable if the value of such gift exceeds Rs 50,000 (C)

26 Where a firm or closely held company receives from any person on or after

1.6.2010 any property being shares of closely held company without consideration:

(A) the whole of the fair market value of the shares shall be taxable (B) the whole of the FMV shall be taxable if it exceeds Rs 50,000 (C) the whole of FMV shall be exempt (B)