The essential requirement for the incidence of tax on capital gains is the transfer of a "Capital Asset". Definition of transfer given under the Act is an inclusive definition. Find out which of the following are being i

CS Executive · Tax Laws · PYQS · December 2020
The essential requirement for the incidence of tax on capital gains is the transfer of a "Capital Asset". Definition of transfer given under the Act is an inclusive definition. Find out which of the following are being included under transfer : (i) Conversion of asset into stock in trade (ii) Extinguishment of rights (iii) Redemption of Sovereign Gold Bonds issued by RBI by an individual (iv) Transfer of asset under reverse mortgage
(A) (i), (iii) & (iv)
(B) (i) & (ii)
(C) (i), (ii) & (iii)
(D) All the above four

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Capital Gains

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