Correct Answer:- Option-C
Question37:-Section 54 deals with

A:-Capital gain on transfer of asset on shifting of industrial undertaking from
urban area to non-urban area

B:-Capital gain on transfer of a long-term capital asset invest in specified asset

C:-Capital gain on transfer of a long-term capital asset other than residential
house

D:-Capital gain on transfer of asset on shifting of industrial undertaking from
urban area to special Economic Zone

Correct Answer:- Option-A

Question38:-Which of the following is taxable under the head income from other
sources?

(1) Royalty and Dividend

(11) Agricultural income in India

(iii) Directors fees and perquisites

(iv) Agricultural income outside India

A:-(i) and (ii) only

B:-(ii) and (iii) only

C:-(iii) and (iv) only

D:-(i) and (iv) only
Correct Answer:- Option-D

Question39:-Donations to the Government or local authority, institutions or
associations for the purpose of family planning comes under

A:-100% no limit donation

B:-100% with limit donation

C:-50% no limit donation

D:-50% with limit donation

Correct Answer:- Option-B
Question40:-Under "PAYE" scheme is payable by the assessee

A:-Advance tax

B:-Income tax

C:-Wealth tax

D:-Property tax

Correct Answer:- Option-A

Question41:-Benefits of GST are

(1) Diversified prices throughout the country
(ii) Complex tax system

(iii) Increased prices of goods

(iv) Increased tax burden

A:-(i) and (iii) only