Income from Other Sources – CS Executive Tax Laws MCQs

The provisions of “deemed dividend” under section 2(22)(e) of the Income-tax Act, 1961, in respect of advances or loans to shareholders, or any payment on behalf of shareholders or any payment for the individual benefit of a shareholder are applicable to:

State which out of the following gifts received during the year by Girish from different persons shall be subject to tax in the assessment year 2021-22:

ABC Pvt. Ltd. has a business loss of ₹ 10 lakhs. There is unexplained share application money to the tune of ₹ 25 lakhs.

Mr. Pankaj, a salaried employee, has taken a house on rent of ₹ 12,000 p.m. which was sub-let by him for ₹ 15,000 p.m. He has incurred miscellaneous expenses in relation to the sub-let of the house of ₹ 1,000. How much income from the sub-letting of the house shall be taxable in the AY 2021-22 where the house was taken on rent and also sublet by him from 1 st April 2020 onwards:

Babu Lai won a prize of ₹ 1,00,000 in Rajasthan State Lottery and the Lottery Department paid him an amount of ₹ 70,000 after deduction of tax at source of 130,000. He had purchased lottery tickets for ₹ 8,000.

In the hands of Mr. Sarath, a salaried employee, the following income shall be chargeable to tax as income under the head “Income from other sources”:

Suresh (age 65) won a prize on a lottery ticket on 30.9.2020. The prize amount was ₹ 5,50,000. He had bought lottery tickets for 175,000 during the year.

Lokesh (age 62) received the following gifts on the occasion of his birthday:

Ms. Anshu received a dividend of ₹ 80,000 for her equity shareholding in MNO Ltd. (a listed company). She paid an interest of ₹ 12,500 for the amounts borrowed for investment in those shares. The taxable dividend income would be:

Ms. Laxmi received ₹ 60,000 by way of family pension from the State Government.

Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company.

Mr. Ravi solved a crossword puzzle and received ₹ 84,000 after deduction of tax at source.

Where a firm or closely held company received from any person any property being shares of the closely held company without consideration:

Rakesh acquired a motor car for ₹ 3,00,000 from his friend (non-relative) when the fair market value of the motor car was ₹ 5,00,000.

Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as of 1.4.2020, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2020 from the company. The loan was repaid by him on 30-11-2020.

Ms. Mala received a family pension of ₹ 15,000 per month during the previous year 2020-21. Also, she was employed in a private firm where she got a monthly consolidated salary of ₹ 20,000 per month. Her total income chargeable to tax is:

R has taken a house on rent and sublets the same to G. Income from such house property shall be taxable under the head:

Agni (P.) Ltd. issued equity shares of ₹ 10 each at ₹ 40 per share. The fair market value of the share on the date of issue was ascertained as ₹ 25 per share. The company issued 1,00,000 equity shares.

Mr. Ram received a cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relatives.

Amit received ₹ 70,000 being winnings from lottery after deduction of tax at source.

A lady received gifts worth ₹ 1,00,000 from her relatives as defined under the Income-tax Act, 1961, and ₹ 60,000 from her office colleagues on her marriage anniversary.

A member of Parliament received ₹ 1,50,000 per month as salary and ₹ 4,50,000 as daily allowances during PY 2020-21. The taxable amount will be

While making payment of winnings from horse race, the tax will be deducted at source, if the payment exceeds

Comfort (Pvt.) Ltd. issued 10,000 equity shares to Pawan at ₹ 18 per share when the fair market value of each share was determined at ₹ 11 per share. The tax implication of the transaction is

Rishabh received the following gifts during the previous year:

Where a foreign institutional investor received income in respect of securities other than income by way of dividend referred to in section 115- O or received in respect of securities other than units referred to in section 115AB, such income is taxable @

Ms. Sitara is in receipt of family pension of ₹ 15,000 p.m. during 2020-2021. Income chargeable to tax for AY 2021-22 of Ms. Sitara is

Rajiv (aged 28 years) received a cash gift of ₹ 2 lakhs on the occasion of his marriage. It includes gifts from non¬relative of ₹ 80,000. His income by way of lottery winnings is ₹ 3 lakhs.

A private limited company engaged in manufacturing activity had a general reserve of ₹ 20 lakhs. It granted a loan of ₹ 5 lakhs to a director who held 13% shareholding cum voting rights in the company. The said loan was re-paid by him before the end of the year.

John, engaged in fertilizer trade, received rent by sub-letting a building. This will be taxable under the head

Which of the following income will be taxable as income from other sources?

Akshay received a gift of ₹ 35,000 each on 22nd May 2020 from his three friends.

Sameer received the following income during PY 2020-21: Director’s fees ₹ 5,000

The amount deductible from a family pension is up to:

Which of the following is not included in taxable income: