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      Question

      Which of the following is NOT a requirement for charging

      income-tax on capital gains?
      A The transfer must have been effected in the relevant assessment year. Correct Answer Incorrect Answer
      B The gain should not be exempt under Section 54. Correct Answer Incorrect Answer
      C Transfer must be of a capital asset. Correct Answer Incorrect Answer
      D There must be a gain arising on transfer of a capital asset. Correct Answer Incorrect Answer

      Solution

      The correct answer is B

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