Match the following 5 Marks

Section Amount of exemption

1) 54 G a. Cost of bonds purchased

2) 54EC b. Capital gain x amt invested in Purch of new house
Net sale consideration
3) 54 B c. Cost of land or building acquired

4) 54 d. Cost of agricultural land

5 ) 54 F e. Cost of New residential house


1
Fill in the blanks 5 Marks
1) The cost inflation index for 81-82 and 08-09 is
____________ and _____________.
2) Under section 54 D __________ assessees can claim
exemption
3) Indexed cost of acquisition in case of bonus shares
is___________.
4) Depreciable assets is always treated as___________.
5) Capital gain on shifting of industrial undertaking from
urban to rural area is under sec__________.

True or false 5 Marks
1) Amount deposited in capital gain account scheme is exempt
from tax for a period of two years.
2) Indexed cost of acquisition for assets purchased before 1-4-
81. is cost of the asset of F.M.V which ever is lesser.
3) Transfer of capital assets under gift or will is considered as
transfer.
4) Capital assets should be used more than 36 months to be
treated as long term capital gain.
5) Expenses incurred on purchase is added to indexed cost of
acquisition

Multiple choice question 5 Marks
1)Specified investments means investment in
a. 6.5% Gold bonds c. NHAI and REC
b. National saving certificate d. None of the above

2)Indexed cost of acquisition is nil for
a. Equity shares c. Bonus shares
b. Right shares d. For c and d

3) Asseessee can claim exemption under section 54 F
a. land and building c. Residential house
b. bonds d. For a,b & c

4) Machinery purchased in 03-94 ( CII -244) for Rs. 50,000.
WD.V on 1-4-06 is Rs>35,000. Sold on 31 march 09 for Rs.6,000
The taxable gain is
a. 22,000 c. 30,000
b. 25,000 d. Nil

5)Agricultural land in Mysore situated away from city limits
purchased in 81-82 for Rs.20,000 .Sold on 1 April 09 Rs.3,60,000
The taxable gain is
a. 1,85,000 c. 1,85,400
b. 1,80,000 d. Nil