Question 1

Under the Head Income from House Property, the basis of charge is the of property.

Accepted Answer

A) annual value 
B) quarterly value 
C) half-quarterly value 
D) none of the above 
A) annual value 
B) quarterly value 
C) half-quarterly value 
D) none of the above A

Question 2

Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of .

Accepted Answer

A) 25% of annual value 
B) 10% of annual value 
C) 30% of annual value 
D) 20% of annual value 
A) 25% of annual value 
B) 10% of annual value 
C) 30% of annual value 
D) 20% of annual value C

Question 3

Expected rent shall be higher of .

Accepted Answer

A) municipal value and standard rent 
B) fair rent and actual rent received 
C) standard rent and fair rent 
D) municipal value and fair rent 
A) municipal value and standard rent 
B) fair rent and actual rent received 
C) standard rent and fair rent 
D) municipal value and fair rent D

Question 4

When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of .

Accepted Answer

A) 10% 
B) 20% 
C) nil 
D) none of the above 
A) 10% 
B) 20% 
C) nil 
D) none of the above

Question 5

Deduction allowed from annual value is .

Accepted Answer

A) interest on loan for constitution 
B) interest on loan for repair 
C) statutory deduction 
D) all of the above 
A) interest on loan for constitution 
B) interest on loan for repair 
C) statutory deduction 
D) all of the above

Question 6

House property held for less than 36 months is .

Accepted Answer

A) short-term capital asset 
B) projected capital asset 
C) exempted capital asset 
D) long-term capital asset 
A) short-term capital asset 
B) projected capital asset 
C) exempted capital asset 
D) long-term capital asset

Question 7

Value of rent-free accommodation in case of Government employee shall be taxable up to

Accepted Answer

A) 15% of employee's salary 
B) 8% of employee's salary 
C) license fee fixed by government 
D) 10% of employee's salary 
A) 15% of employee's salary 
B) 8% of employee's salary 
C) license fee fixed by government 
D) 10% of employee's salary

Question 8

,67,000. While computing income from house property, the deduction is allowable to the extent of .

Accepted Answer

A) ` 30,000 
B) 1,00,000 
C) ` 1,67,000 
D) ` 1,50,000 
A) ` 30,000 
B) 1,00,000 
C) ` 1,67,000 
D) ` 1,50,000

Question 9

Mr. Shushant is the owner of a house, the details of which are given belowthe gross annual value would be Municipal value ` 36,000 Actual rent `32,000 Fair Rent ` 36,000 Standard Rent ` 40,000

Accepted Answer

A) ` 36,000 
B) 35,000 
C) ` 30,000 
D) ` 40,000 
A) ` 36,000 
B) 35,000 
C) ` 30,000 
D) ` 40,000

Question 10

The net annual value of house let out is ` 1,00,000 and actual amount spentby the assessee on repairs and insurance premium is ` 20,000. The amountof deduction allowed under Section 24(a) shall be .

Accepted Answer

A) ` 35,000 
B) ` 45,000 
C) ` 30,000 
D) ` 25,000 
A) ` 35,000 
B) ` 45,000 
C) ` 30,000 
D) ` 25,000

Question 11

Income from property held under trust for charitable or religious purposes is .

Accepted Answer

A) exempted from tax 
B) taxable @ 10% 
C) taxable @ 20% 
D) none of the above 
A) exempted from tax 
B) taxable @ 10% 
C) taxable @ 20% 
D) none of the above

Question 12

Which of the following is not a case of deemed ownership of house property?

Accepted Answer

A) transfer to a spouse for inadequate consideration 
B) transfer to a minor child for inadequate consideration 
C) holder of an importable estate 
D) co-owner of a property 
A) transfer to a spouse for inadequate consideration 
B) transfer to a minor child for inadequate consideration 
C) holder of an importable estate 
D) co-owner of a property

Question 13

If the assesses let out the building or staff quarters to the employee ofbusiness, the rent collected from such employees is assessable as incomefrom .

Accepted Answer

A) business 
B) house property 
C) other sources 
D) none of the above 
A) business 
B) house property 
C) other sources 
D) none of the above

Question 14

If the individual using the property for the business or professional purpose the income taxable under the……………..head.

Accepted Answer

A) income from house property 
B) income from huf 
C) income from other 
D) income from business or proprietorship 
A) income from house property 
B) income from huf 
C) income from other 
D) income from business or proprietorship

Question 15

Rent from House Property let out by an assessee to his employees whensuch letting is incidental to his main business will be chargeable to taxunder head .

Accepted Answer

A) profit and gain from business and profession 
B) income from capital gain 
C) income from house property 
D) all of the above 
A) profit and gain from business and profession 
B) income from capital gain 
C) income from house property 
D) all of the above

Question 16

Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to

Accepted Answer

A) ` 30,000 
B) ` 1,50,000 
C) ` 10,000 
D) ` 50,000 
A) ` 30,000 
B) ` 1,50,000 
C) ` 10,000 
D) ` 50,000

Question 17

An individual assesses can show maximum loss of …………….from a selfoccupied residential house property.

Accepted Answer

A) 1,50,000 
B) ` 30,000 
C) 20,000 
D) ` 5,00,000 
A) 1,50,000 
B) ` 30,000 
C) 20,000 
D) ` 5,00,000

Question 18

If fair rent is not gives, then assume………….as fair rent.

Accepted Answer

A) actual rent 
B) standard rent 
C) average rent 
D) none of the above 
A) actual rent 
B) standard rent 
C) average rent 
D) none of the above

Question 19

Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rentalincome of Laxman is taxable under the head .

Accepted Answer

A) income from salary 
B) income from other sources 
C) income from house property 
D) income from business 
A) income from salary 
B) income from other sources 
C) income from house property 
D) income from business

Question 20

Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid `8,000 as local taxes during the year. He uses this house for his residentialpurposes but lets out half of the house @ ` 3,000 p.m. The annual value ofthe house is.

Accepted Answer

A) 15,000 
B) ` 16,000 
C) ` 17,000 
D) ` 18,000 
A) 15,000 
B) ` 16,000 
C) ` 17,000 
D) ` 18,000

Under the Head Income from House Property, the basis of charge is the of property.

Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of .

Expected rent shall be higher of .

When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of .

Deduction allowed from annual value is .

House property held for less than 36 months is .

Value of rent-free accommodation in case of Government employee shall be taxable up to

,67,000. While computing income from house property, the deduction is allowable to the extent of .

Mr. Shushant is the owner of a house, the details of which are given belowthe gross annual value would be Municipal value ` 36,000 Actual rent `32,000 Fair Rent ` 36,000 Standard Rent ` 40,000

The net annual value of house let out is ` 1,00,000 and actual amount spentby the assessee on repairs and insurance premium is ` 20,000. The amountof deduction allowed under Section 24(a) shall be .

Income from property held under trust for charitable or religious purposes is .

Which of the following is not a case of deemed ownership of house property?

If the assesses let out the building or staff quarters to the employee ofbusiness, the rent collected from such employees is assessable as incomefrom .

If the individual using the property for the business or professional purpose the income taxable under the……………..head.

Rent from House Property let out by an assessee to his employees whensuch letting is incidental to his main business will be chargeable to taxunder head .

Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to

An individual assesses can show maximum loss of …………….from a selfoccupied residential house property.

If fair rent is not gives, then assume………….as fair rent.

Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rentalincome of Laxman is taxable under the head .

Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid `8,000 as local taxes during the year. He uses this house for his residentialpurposes but lets out half of the house @ ` 3,000 p.m. The annual value ofthe house is.

Income Tax Act 1961

Income From Salary

Capital Gain

Assessment of Various Entities

Miscellaneous and Computation of Total Taxable Income of an Individual

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Exam 3: Income From House Property

Under the Head Income from House Property, the basis of charge is the of property.

Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of .

Expected rent shall be higher of .

When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of .

Deduction allowed from annual value is .

House property held for less than 36 months is .

Value of rent-free accommodation in case of Government employee shall be taxable up to

,67,000. While computing income from house property, the deduction is allowable to the extent of .

Mr. Shushant is the owner of a house, the details of which are given belowthe gross annual value would be Municipal value ` 36,000 Actual rent `32,000 Fair Rent ` 36,000 Standard Rent ` 40,000

The net annual value of house let out is ` 1,00,000 and actual amount spentby the assessee on repairs and insurance premium is ` 20,000. The amountof deduction allowed under Section 24(a) shall be .

Income from property held under trust for charitable or religious purposes is .

Which of the following is not a case of deemed ownership of house property?

If the assesses let out the building or staff quarters to the employee ofbusiness, the rent collected from such employees is assessable as incomefrom .

If the individual using the property for the business or professional purpose the income taxable under the……………..head.

Rent from House Property let out by an assessee to his employees whensuch letting is incidental to his main business will be chargeable to taxunder head .

Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to

An individual assesses can show maximum loss of …………….from a selfoccupied residential house property.

If fair rent is not gives, then assume………….as fair rent.

Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rentalincome of Laxman is taxable under the head .

Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid `8,000 as local taxes during the year. He uses this house for his residentialpurposes but lets out half of the house @ ` 3,000 p.m. The annual value ofthe house is.

Income Tax Act 1961

Income From Salary

Capital Gain

Assessment of Various Entities

Miscellaneous and Computation of Total Taxable Income of an Individual

Filters