Tax Planning62369. Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to theextent of:a) 18% p.a.b)12% p.a. even if it is not mentioned in partnership deedc)12% p.a. or at the rate mentioned in partnership deed whichever isless.370. Deduction under section 40(b) shall be allowed on account of salary/remuneration paid to:a) any partnerb) major partner onlyc) working partner only371. Exemption u/s 54D is available to:a) any assesseeb)any assessee owning an industrial undertakingc)an individual or HUF owning an industrial undertaking.372. Exemption u/s 54D is available if there is:a) a transferb)compulsory acquisition by lawc) sale373. Exemption u/s 54D is available if there is a Compulsory acquisition of:a)any land and building used by an industrial undertakingb)land and Building which has been used by the industrial undertakingfor atleast 2 years for its activities, immediately preceding the date ofcompulsory acquisitionc)land and building used for atleast 3 years immediately preceding thedate of compulsory acquisition374. For claiming exemption u/s 54D, the assessee should purchase and/or construct anotherland and building within:a)2 years from the date of compulsory acquisitionb)3 years from the date of compulsory acquisitionc)within 3 years from the end of the previous year of compulsoryacquisition.375. If the new land and building acquired for claiming exemption u/s 54D, is transferred within 3years, then there will be:a) short-term capital gainb)exemption claimed under section 54D earlier shall be withdrawnc)the cost of acquisition of the said asset shall be reduced by thecapital gain exempt u/s 54D earlier
Tax Planning63376. Exemption under section 54EC shall be available to:a) any assesseeb) individual onlyc) individual or HUFd) company assessee only377. A local authority is taxable at flat rate of income-tax.a) Trueb) False378. Exemption under section 54EC shall be available for transfer of:a)any long-term capital assetb) residential house propertyc)any long-term capital asset other than residential house property379. Under section 54EC, the assessee shall be allowed exemption:a)to the extent of capital gain investedb)proportionate to the net consideration price so investedc)to the extent of the amount invested380. Under section 54EC, the assessee shall be allowed exemption:a)to the extent of capital gain investedb)proportionate to the net consideration price so investedc)to the extent of the amount invested381. For claiming exemption under section 54EC, amount to the extent of the capital gain shouldbe invested:a)within 2 years from the date of transferb)within 3 years from the date of transferc)within Six months from the date of transferd)within six months of transfer or before the due date of furnishing thereturn of income, whichever is earlier.
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