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CA Inter Income from Other Sources — practice questions

Explore 63 free Income from Other Sources questions in CA Inter Taxation. Open each question or exercise to read its content, reference answers and available explanation.

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Income from Other Sources questions and exercises with answers

Showing questions 1–30 of 63.

Under the Income-tax Act, the residuary head of income is called?Read the answer and worked solution →Dividends under section 56(2) are chargeable under which head?Read the answer and worked solution →Interest on securities is other sources income unless taxed under?Read the answer and worked solution →Hire rent of machinery or plant is other sources income when?Read the answer and worked solution →Letting of machinery and an inseparable building is taxed under which head?Read the answer and worked solution →Forfeited advance from failed capital asset sale talks is taxed as?Read the answer and worked solution →Besides forfeiture, what else makes clause (ix) apply?Read the answer and worked solution →Under section 56(2)(x), a money gift is taxable only if the aggregate in the year exceeds?Read the answer and worked solution →When money received without consideration crosses the limit, how much is taxed?Read the answer and worked solution →Which money gift is outside section 56(2)(x) regardless of amount?Read the answer and worked solution →Gifts received on which occasion are outside section 56(2)(x)?Read the answer and worked solution →Property received under a will or by inheritance is treated under section 56(2)(x) as?Read the answer and worked solution →A gift made in contemplation of the donor's death is?Read the answer and worked solution →Which receipt is outside section 56(2)(x)?Read the answer and worked solution →A gift received from a university covered by section 10(23C) is?Read the answer and worked solution →Money from a trust registered under section 12AB is?Read the answer and worked solution →Property received under a section 47 non-transfer is?Read the answer and worked solution →A trust created solely for an individual's relative receives a gift from that individual. Is it taxed under clause (x)?Read the answer and worked solution →Which of these is not counted as property under section 56(2)(x)?Read the answer and worked solution →Which asset is included in the term property for section 56(2)(x)?Read the answer and worked solution →From AY 2023-24, property under section 56(2)(x) also includes which asset?Read the answer and worked solution →Stamp duty value is the value fixed for which purpose?Read the answer and worked solution →Immovable property received free is taxed at what value?Read the answer and worked solution →If agreement and registration dates differ, which value applies?Read the answer and worked solution →Agreement-date value needs consideration paid how?Read the answer and worked solution →If the stamp duty value is disputed, the Assessing Officer may refer it to?Read the answer and worked solution →A gifted painting worth over Rs 50,000 is taxed at?Read the answer and worked solution →Shares bought below market value are taxed on?Read the answer and worked solution →Fair market value of non-immovable property is determined how?Read the answer and worked solution →From which date does section 56(2)(x) apply to any person receiving property?Read the answer and worked solution →

Worked practice questions

Under the Income-tax Act, the residuary head of income is called?

  1. Profits from other sources
  2. Gains from other sources
  3. Income from unspecified sources
  4. Income from other sources
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Correct answer: D. Income from other sources

Income that is taxable but fits none of the heads in section 14 items A to E is swept into Income from other sources.

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Dividends under section 56(2) are chargeable under which head?

  1. Income from other sources
  2. Income from house property
  3. Profits and gains of business
  4. Income from capital gains
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Correct answer: A. Income from other sources

Clause (i) of section 56(2) names dividends first among the specific receipts taxed as Income from other sources.

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Interest on securities is other sources income unless taxed under?

  1. Income from house property
  2. Income from capital gains
  3. Income from salaries
  4. Business or profession income
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Correct answer: D. Business or profession income

Clause (id) pulls interest on securities into other sources only when it is not already chargeable as business or professional income.

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More Taxation topics

GST Time, Value, Place of Supply and Input Tax CreditAggregation of Income, Set Off of Losses and DeductionsAdvance Tax, TDS and TCSProfits and Gains of Business or ProfessionIncome-tax Basic ConceptsSalariesResidence and Scope of Total IncomeIncome from House Property