MCQ for CA Intermediate TAXATION - Chapter 5 - INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S TOTAL INCOME

Sample Multiple Choice Questions (MCQ's) for CA Intermediate - Paper 4 - TAXATION Chapter 5: INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S TOTAL INCOME - For Practice relevant for May/November 23 Examinations

Q:1 As per Sec. 64(1)(iv), there shall be included in the income of an individual, any income arising from the gift to the spouse of -

  1. any Capital Asset
  2. any Asset
  3. any Asset other than House Property

Answer: 3

Q:2 A has sold 2000 14% Debentures of ₹ 100 each to his wife for ₹ 90,000. The Market Value of debentures on the date of transfer was ₹ 1,80,000. In this case, Interest Income to be included in the Total Income of A shall be -

  1. ₹ 28,000
  2. ₹ 14,000
  3. ₹ 25,200

Answer: 1

Q:3 Clubbing provisions under Sec. 64(1)(vi) are applicable where the asset is transferred by an individual for Inadequate consideration to-

  1. Daughter's Husband
  2. Son's Wife
  3. Major Son
  4. Major Daughter

Answer: 2

Q:4 When income of minor child is clubbed in the income of the parent concerned, such parent will be allowed exemption of –

  1. ₹ 1,500
  2. ₹ 1,500 per minor child
  3. To the extent of actual income clubbed or ₹ 1,500 per minor child whichever is less

Answer: 3

Q:5 Mr. A gifts cash ₹ 1,00,000 to his brother's wife Mrs. B, Mr. B gifts cash of ₹ 1,00,000 to Mrs. A. From cash gifted to her, Mrs. A invests in a fixed deposit, income there from is ₹ 10,000. Aforesaid ₹ 10,000 will be included in the total income of -

  1. A
  2. B
  3. A
  4. B

Answer: 1

CA Intermediate TAXATION - MCQ for Chapter 6 -   

To get back to the Chapterwise MCQ List Page       

Hope you can find this article helpful. If you did like the content then Share it with your friends who are preparing for CA Inter Exams or who will be giving their CA Inter Exams in the near future.

Request for Callback

Thank you ! We will get to you soon.

Couldn't submit your request.