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CS Executive Practice Test: Income from Other Sources – CS Executive Tax Laws
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CS Executive Practice Test: Income from Other Sources – CS Executive Tax Laws
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19 Questions

1. Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company.
The amount of gift chargeable to income-tax would be:
2. While making payment of winnings from horse race, the tax will be deducted at source, if the payment exceeds
3. ABC Pvt. Ltd. has a business loss of ₹ 10 lakhs. There is unexplained share application money to the tune of ₹ 25 lakhs.
The total income of the company will be:
4. The amount deductible from a family pension is up to:
5. 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 @
6. R has taken a house on rent and sublets the same to G. Income from such house property shall be taxable under the head:
7. 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
8. Where a firm or closely held company received from any person any property being shares of the closely held company without consideration:
9. 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.
The amount liable to tax in the hands of Mr. Gautam as deemed dividend is:
10. John, engaged in fertilizer trade, received rent by sub-letting a building. This will be taxable under the head
11. 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.
The amount chargeable to tax in the hands of Babu Lai under other sources shall be:
12. Amit received ₹ 70,000 being winnings from lottery after deduction of tax at source.
His gross winnings from the lottery to be included in the total income is
13. 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.
The taxable amount of gifts would be
14. 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:
15. 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
16. 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.
The amount of deemed dividend arising out of the above transaction is
17. Which of the following is not included in taxable income:
18. 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':
(i) Dividend
(ii) Income from the hiring of machinery
(iii) Winning from Lottery
(iv) Interest on securities
Select the correct answer from the options given below:
19. Akshay received a gift of ₹ 35,000 each on 22nd May 2020 from his three friends.
The amount chargeable to tax, in this case, would be

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