NIACL AO English Questions (Cloze Test) Day-43

Dear Readers, Bank Exam Race for the Year 2018 is already started, To enrich your preparation here we have providing new series of Practice Questions on English language – Section. Candidates those who are preparing for NIACL AO 2019 Exams can practice these questions daily and make your preparation effective.

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Direction (1-10): In a passage given below there are 10 blanks, each followed by a word given in bold. Even blank has four alternative words given in options (a), (b), (c) and (d). You have to choose which word will best suit to the respective blank. Choose (e) as your answer if the word given in the bold after the blank is your answer i.e   “No change requires”.

Capital gains is the profit that the investor _(1)_[achieves]_when he sells the capital asset for a price higher than its purchase price. The transfer of capital asset must be made in the _(2)_[prior]_year. This is taxable under the head ‘Income from Capital Gains’ and there must exist a capital asset, transfer of the capital asset and profit or gains arising from the transfer.

Capital assets include any _(3)_[baggage]_held by the assesse except the Stock in trade, consumable stores or raw materials held for the purpose of business or profession, personal effects that are movable except jewellery, archaeological collections, drawings, paintings, sculptures or any art work held for personal use, agricultural land

Capital gains tax is a tax that is charged on the profits that assesse has made by selling his capital asset. For making it easy for_(4)_[dues]_, the capital assets are classified to ‘Short-Term Capital Asset and ‘Long-Term Capital Asset’.

Under Short-Term Capital Asset, if the shares and securities are held by the taxpayer for a period not more than 36 months preceding the date of its transfer will be treated as a short-term capital asset.

In Long- Term Capital Asset, if the taxpayer holds the shares and securities for a period exceeding 36 months before the _(5)_[assigning]_will be treated as a long-term capital asset. Equity shares which are listed in a recognized stock exchange, units of equity oriented mutual funds, listed debentures and Government securities, units of UTI and Zero Coupon Bonds’ period of holding will be considered for 12 months instead of 36 months. Transfer is giving _(6)_[on]_your right on an asset it includes sale, exchange, compulsory acquisition under any law and relinquishment.

 In India, the long-term capital gains on sale of _(7)_[enrolled]_securities exceeding Rs.1 lakh are taxed at 10% as per the Union Budget 2018. The short-term gains will be taxed at 15 percent. In case of debt mutual funds, both short and long term capital gains are taxed. The short-term capital gain on debt mutual fund is _(8)_[combined]_to the income and taxed as per the individual’s Income Tax Slab and the long-term capital gains on debt mutual funds are taxed at 20 percent with indexation and 10 percent without indexation. Indexation is _(9)_[modifying]_the purchase value for inflation. The indexation increases the_(10)_[obtain] cost and lowers the gain.

1. ?

a) gets

b) obtains

c) realizes

d) accomplishes

e) No change required

2. ?

a) earlier

b) past

c) former

d) previous

e) No change required

3. ?

a) estate

b) wealth

c) property

d) goods

e) No change required

4. ?

a) excise

b) taxation

c) taxes

d) estimation

e) No change required

5. ?

a) transmission

b) relocation

c) re positioning

d) transfer

e) No change required

 6. ?

a) with

b) up

c) off

d) over

e) No change required

7. ?

a) entered

b) added

c) listed

d) inserted

e) No change required

8. ?

a) added

b) attached

c) joined

d) affixed

e) No change required

9. ?

a) calibrating

b) amending

c) changing

d) adjusting

e) No change required

10. ?

a) attain

b) possession

c) purchase

d) ownership

e) No change required

Answers:

1) Answer: c)

According to the sentence “realizes” will be used as the meaning of “realize” is “Make (a profit) from a transaction”.

2) Answer: d)

According to the sentence “previous” will be used as it means “Existing or occurring before in time or order / preceding”.

3) Answer: c)

According to the sentence “property” will be used as it means “possessions / belongings”.

4) Answer: b)

According to the sentence “taxation” will be used as it means “The levying of tax / Money paid as tax”.

5) Answer: d)

According to the sentence “transfer” will be used as it means “A conveyance of property”.

6) Answer: b)

According to the sentence “up” will be used as the meaning of give up is “to hand something over to somebody else / stop doing or having something”.

7) Answer: c)

According to the sentence “listed” will be used as the meaning of “list” is “Include or enter in a list / record/ register.”

8) Answer: a)

According to the sentence “added” will used as the meaning of “add” is “Put together (two or more numbers or amounts) to calculate their total value / add together”.

9) Answer: d)

According to the sentence “adjusting” will be used as the meaning of “adjust” is “Permit small alterations or movements so as to achieve a desired fit, appearance, or result”.

10) Answer: c)

According to the sentence “purchase” will be used as it means “Acquire (something) by paying for it / buy”.

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