Question 1

For claiming exemption u/s 546, the assessee shall acquire the new asset within

Options :

A : 2 years from the date of transfer

B : 3 years from the date of transfer

C : One year before or 2 years after the date of transfer

D : One year before or 3 years from the date of transfer

Answer: C

Question 2

Deductions under section 54 are allowed from

Options :

A : Gross Total Income

B : Long Term Capital Gain

C : Gross total income exclusive of long-term capital gain as well as short-term capital gain

D : Net Total Income

Answer: C

Question 3

What is the quantum of deduction allowed u/s 80U?

Options :

A : Rs. 40,000

B : Rs. 75,000

C : Rs. 60,000

D : Rs. 55,000

Answer: D

Question 4

At the money option will generate

Options :

A : Positive cash flows

B : Zero cash flow

C : Negative cash flows

D : None of the above

Answer: A

Question 5

How many members are needed to form a society?

Options :

A : One single person

B : Two or more

C : Five or more persons

D : Seven or more

Answer: C

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