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CA Inter Income from Other Sources — practice questions — page 2

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 31–60 of 63.

Clause (x) of section 56(2) applies to which class of recipients?Read the answer and worked solution →Which of these is a relative of an individual under section 56(2)(x)?Read the answer and worked solution →For a HUF, a relative under section 56(2)(x) means?Read the answer and worked solution →An aunt who is the sister of the individual's father is treated as?Read the answer and worked solution →Interest on enhanced compensation is taxed under which head?Read the answer and worked solution →Deduction against interest on enhanced compensation is?Read the answer and worked solution →Can further expenses be deducted from interest on enhanced compensation?Read the answer and worked solution →Money gifts above Rs 25,000 were taxed under clause (v) until which date?Read the answer and worked solution →Clause (vi) taxed money gifts above Rs 50,000 until which date?Read the answer and worked solution →Clause (vii), which added immovable property gifts, ran till when?Read the answer and worked solution →Clause (viia) taxed share gifts to firms and closely held companies from which date?Read the answer and worked solution →Commission to a banker for releasing dividend is deductible under which section?Read the answer and worked solution →Deductible against dividend income under section 57(i)?Read the answer and worked solution →The family pension deduction is one-third of the pension or a fixed sum, whichever is?Read the answer and worked solution →Family pension is a regular monthly amount paid by the employer to a family member on?Read the answer and worked solution →Section 57(iii) expense must be incurred how?Read the answer and worked solution →Is capital expenditure deductible under section 57(iii)?Read the answer and worked solution →Deductions for hired-out machinery in other sources follow which sections?Read the answer and worked solution →Personal expenses of the assessee against other sources income are?Read the answer and worked solution →Interest payable outside India is non-deductible if what has not happened?Read the answer and worked solution →Salary payable outside India is non-deductible unless?Read the answer and worked solution →Section 58(2) extends which section's disallowances to other sources income?Read the answer and worked solution →Section 58(3) extends section 44D to which assessee?Read the answer and worked solution →Expenditure against lottery winnings under other sources is?Read the answer and worked solution →Which winnings are covered by the bar in section 58(4)?Read the answer and worked solution →The bar on deductions in section 58(4) does not hit?Read the answer and worked solution →A horse race under section 58(4) must be one on which?Read the answer and worked solution →Under which provision is agricultural income exempt from tax?Read the answer and worked solution →Which Union List entry lets the Centre tax non-agricultural income?Read the answer and worked solution →Property received free is taxable only if its stamp duty value exceeds?Read the answer and worked solution →

Worked practice questions

Clause (x) of section 56(2) applies to which class of recipients?

  1. Individuals and HUFs only
  2. Companies and firms only
  3. Any person receiving it
  4. Resident individuals only
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Correct answer: C. Any person receiving it

Unlike the earlier clauses limited to individuals, HUFs, firms and some companies, clause (x) begins with where any person receives.

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Which of these is a relative of an individual under section 56(2)(x)?

  1. Business associate of the individual
  2. Spouse of the individual's cousin
  3. Spouse of the individual's nephew
  4. Brother of the individual's spouse
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Correct answer: D. Brother of the individual's spouse

The relative definition names the brother or sister of the individual's spouse, but it does not stretch to cousins or nephews and their spouses.

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For a HUF, a relative under section 56(2)(x) means?

  1. Only the karta of HUF
  2. Only the coparceners
  3. Only the karta's spouse
  4. Any member of the HUF
Show answer and solution

Correct answer: D. Any member of the HUF

In case of a Hindu undivided family, the definition treats any member thereof as a relative.

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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