alleryStart learning →A beneficial owner of an asset is a person who did what?
AMerely held legal title
BProvided its consideration
CValued it for the owner
DOnly received its income
Answer & Solution
Correct answer: B. Provided its consideration
Explanation 4 defines a beneficial owner by the person who provided the consideration for the asset.
Keep practising Return of Income
Browse all Return of Income questions for CA Inter, or explore more Taxation topics.
Related questions
Section 234F applies to returns for which assessment years?As worded in section 234F, total income is Rs 8 lakh and the return is filed on 20 DecembeAs worded in section 234F, an individual with total income Rs 4,50,000 files after 31 DeceTax due Rs 2,00,000; Rs 1,20,000 paid by 15 Dec. 234C interest on that shortfall?Tax due on the returned income in 234C is tax on income declared where?Under-estimating which income does not attract 234C if paid in later instalments?Who pays advance tax in a single instalment by 15 March under 234C?A June shortfall escapes 234C if advance tax paid is at least what share?