An individual purchased a painting on 01-11-2017 for Rs. 5,00,000 though fair market value of the asset is `5,25,000. Income taxable u/s 56(2)(x) is:

Related MCQs

• When a capital asset was acquired on 01.04.1980 and sold in June, 2017, the cost of acquisition or the fair market value of the asset as on ------, at the option of the assessee is to be adopted for indexation purpose:
• A winning from lotteries is Rs. 50,000 and expenses incurred to earn such income is Rs. 5,000. Its taxable income is
• Following form number is to be used for filing the return of income by an individual having business income?
• When an individual non-resident has total income exceeding Rs. 50 lakhs, the amount of surcharge payable on income-tax would be _____________.
• Section 80 RRB the Income-tax Act, 1961 deals with deduction from gross total income in respect of income by way of
• Gift received by an individual in certain circumstances is not taxable, one of them is:
• Stake money on owning and maintaining race horses is Rs. 70,000 and expenses incurred is Rs. 20,000. Its taxable income is:
• Rent after deducting municipal taxes is Rs. 2,00,000, the amount of taxable income from house property is:
• Following income of a resident and ordinarily resident is taxable in India, that is
• One of the following receipt is taxable under the head ‘Income from Other Sources’: