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

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