Taxation Online Test

Total deduction u/s 80C and 80CCC cannot exceed Rs. 1,00,000

Interest repayment on housing loan qualifies for deduction u/s 80C

Investment u/s 80C need not be out of taxable income.

Dividend declared by indian company is fully exempt in the hands of the shareholders.

Income under the head income from other sources is taxable on due basis.

Dividend declared by mutual fund is taxable in the hands of the shareholders.

For computing of income from lottery, cross word puzzles, races, card games etc. the assessee shall be entitled to deduction for purchase of ticket or any expenditure for earning such income.

Winning from lotteries, cross word puzzles, horse races and other races, card games, etc, are casual income and hence fully exempt.

Expenditure incurred to maintain the horses shall be allowed as deduction to the assessee being the owner of the horses maintained by him for running in horse race.

Gift in comtemplation of death of the payer is taxable.

Any sum received including bonus under keyman insurance policy is taxable under the head income from other sources.

Any interest, salary paid or payable outside india on which tax has not being deducted at source will not be allowed as deduction.

Deduction for family pension income is 33 1/3%

Interest on income tax refund is an income from other source

Capital gain on transfer of depreciable asset is always long term capital gain

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