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Free GLO_CWM_LVL_1 Exam Braindumps (page: 59)

Page 58 of 266
PDF with 1057 Questions

Which of the following assets not included in calculating wealth tax?

  1. Commercial buildings
  2. Residential
  3. A farm situated 40 km far from local limits of any municipality or a cantonment Board
  4. Any guest house

Answer(s): C



If the income from a Private Trust originates from a business, then it is normally taxed.

  1. In the hands of beneficiary
  2. In the hands of settler
  3. In the hands of sponsor
  4. In the hands of trustees

Answer(s): D



Agricultural income is exempt provided the

  1. Land is situated in India
  2. Land is situated in any rural area in India
  3. Land is situated whether in India or outside India
  4. Land is situated in any urban area in India

Answer(s): A



Loss of a closely held company cannot be carried and set off unless on the last day of the previous year in which the loss was incurred and as on the last day of the previous year in which such loss is set off, at least:

  1. 51% of shares are beneficially held by the same persons
  2. 50% of the shares are beneficially held by the same persons
  3. 49% of the shares are beneficially held by the same persons
  4. 60% of the shares are beneficially held by the same persons

Answer(s): A






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