Bank PO Questions

Brazil is one example of a closed economy in the given options. 

A closed economy is one that has no trade activity with outside economies. A closed economy is self-sufficient, which means no imports come into the country and no exports leave the country. A closed economy's intent is to provide domestic consumers with everything they need from within the country's borders.

Receptors for hearing the organ of corti or the spiral organ is located in the the mammalian cochlea.

The United States Federal Earned Income Tax Credit (EITC) is a refundable tax credit, that helps low and medium - income individuals and couples, primarily for those who have qualifying children. 

There are 3 monosaccharides important in nutrition. They are Glucose, Galactose and Fructose.

Capital Gains Tax on Property:

1. Short term,

2. Long term

Short Term Capital Gain on property is considered as a gain from selling a property which was held by you for less than 36 months. As a taxpayer, you are liable to pay tax on short term capital gain on property as per your applicable marginal income tax slab.

* Current Short Term Capital Gains tax rate is 30%.

Long Term Capital Gain

When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain. Long term capital gain is calculated as the difference between net sales consideration and indexed cost of property.

* Current Long Term Capital Gains tax rate is 20%.