Gift of Rs. 2,00,000 received by employee through account payee cheque from employer is taxable under the head :
(a) Income from salary
(b) Income from other sources
(c) Exempt from Income Tax
(d) Income exempt upto Rs. 50,000 and balance taxable under the head ‘Income from other sources’
An industrial undertaking has acquired and installed a machinery costing Rs.60,00,000 on 3rd October,2018. The assessee has fulfilled the conditions specified in Section 32(iia) of the Income Tax Act, 1961. Then additional depreciation for A. Y. 2019-20 will be :
(a) Rs. 6,00,000
(b) Rs. 9,00,000
(c) Rs. 4,50,000
(d) Rs. 12,00,000
When net annual value of a house property can be negative –
(a) Deduction under Section 24 are more than income
(b) When municipal taxes paid by the owner are more than gross annual value
(c) When house property is self occupied
(d) When the house property was vacant throughout the year
Mr. Rajendra purchased a plot of land in Pune for Rs. 70,00,000 on 5th July 2012. He constructed a residential house on this plot, which was completed on 8th October, 2015. The cost of construction was Rs. 50,00,000. The entire house structure was sold for Rs. 10,00,000 on 6th August, 2017, which includes Rs. 1,50,00,000 for land and balance for the superstructure. What can be the capital gain on sale of house for the A. Y. 2018-19 ? C.I.I. for previous years 2012-13, 2015-16 and 2017-18 is 200, 254, 278 respectively.
(a) Rs. 64,80,000
(b) Rs. 90,00,000
(c) Rs. 0,00,000
(d) Rs. 80,00,000
