The 'Capital Gains' from sale of long-term listed equity shares (STT paid) exceeding ₹1 lakh are taxed at: MCQ with Answer and Explanation

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The 'Capital Gains' from sale of long-term listed equity shares (STT paid) exceeding ₹1 lakh are taxed at:

A. Exempt

B. 15%

C. 10% without indexation

D. 20% with indexation

Answer: Option C

Solution (By JKSSB Mock Tests)

LTCG on listed equity shares/equity-oriented funds exceeding ₹1 lakh is taxed at 10% without indexation.

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Question #1

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A company's current ratio is 2:1. If current liabilities are ₹1,00,000, current assets are:

A. ₹2,00,000

B. ₹1,00,000

C. ₹3,00,000

D. ₹50,000

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Correct Answer: Option A

Explanation:
Current ratio = Current assets / Current liabilities; 2 = CA / 1,00,000 => CA = ₹2,00,000.

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Question #2

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Which income is classified under 'Income from Other Sources'?

A. Profit from a retail shop

B. Dividend income and winning from lotteries

C. Capital gains on sale of shares

D. Salary received from an employer

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Correct Answer: Option B

Explanation:
Incomes that do not fall into the first four specific heads (like dividends, lottery winnings, bank interest) are taxed as Income from Other Sources.

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Question #3

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The 'External Commercial Borrowings' (ECB) policy is governed by:

A. SEBI

B. RBI

C. DGFT

D. Ministry of Finance

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Correct Answer: Option B

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.

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