GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Cannot be said with certainty
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Is decided by the Assessing Officer
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Detailed explanation-1: -75 lakh arising from transfer of long term capital assets will be exempt from tax if such capital gain is invested in the bonds redeemable after three years, issued by NHAI u/s 54EC of the Act. Hence, the correct option is A.
Detailed explanation-2: -Profits or gains arising from transfer of a capital asset are called “Capital Gains” and are charged to tax under the head “Capital Gains”.
Detailed explanation-3: -Under the Income Tax Act, 1961, the interest earned by an individual through an asset whose net worth has increased over a period of time is eligible for capital gain exemption after factoring the indexed cost of acquisition and inflation.
Detailed explanation-4: -Invest in CGAS (Capital Gains Account Scheme) Investing in Capital Gains Account Scheme (CGAS) is another means to save capital gains tax on property sales. Set off all Capital Losses. Invest in Bonds.