practical joke vs put-on

practical joke and put-on both are nouns.

Word	Noun	Adjective	Verb	Adverb
practical joke	Yes	No	No	No
put-on	Yes	No	No	No

As nouns, put-on is a hypernym of practical joke; that is, put-on is a word with a broader meaning than practical joke:

practical joke: a prank or trick played on a person (especially one intended to make the victim appear foolish)
put-on: a ludicrous or grotesque act done for fun and amusement

Other hypernyms of practical joke include antic, caper, joke, prank, trick.

practical joke (noun)	put-on (noun)
a prank or trick played on a person (especially one intended to make the victim appear foolish)	something intended to deceive; deliberate trickery intended to gain an advantage
	a ludicrous or grotesque act done for fun and amusement
	a composition that imitates or misrepresents somebody's style, usually in a humorous way