Question 1

Deduction from annual value is allowed under .

Accepted Answer

A) section 24 
B) section 25 
C) section 27 
D) section 28

Question 2

For computation of Gross Annual Value, if actual rent is more than expected rent, then we select the .

Accepted Answer

A) actual rent 
B) expected rent 
C) any of the above 
D) none of the above

Question 3

Gross annual value shall be higher of .

Accepted Answer

A) expected rent 
B) actual rent received or receivable 
C) all of the above 
D) none of the above

Question 4

Rent received by original tenant from sub-tenant is taxable under the head

Accepted Answer

A) income from house property 
B) income from other sources 
C) income from capital gain 
D) none of the above

Question 5

An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as .

Accepted Answer

A) co-owner 
B) deemed owner 
C) owner himself 
D) none of the above

Question 6

Calculate the Gross Annual Value from the following details: MunicipalValue ` 45,000Fair rental value ` 50,000 Standard Rent ` 48,000 Actual Rent ` 42,000

Accepted Answer

A) ` 50,000 
B) 48,000 
C) ` 45,000 
D) 42,000

Question 7

Arrear rent is taxable after deducting…………..as per Section 25B of the Income Tax Act, 1961.

Accepted Answer

A) 30% 
B) 35% 
C) 10% 
D) 20%

Question 8

The value of interest-free concessional loans to employees is determined on the basis of lending rates of for the same purpose.

Accepted Answer

A) sbi 
B) ` rbi 
C) central government 
D) state government

Question 9

The Annual Value has been defined under of Income Tax Act, 1961.

Accepted Answer

A) section 20 
B) section 22 
C) section 23(1) 
D) section 23

Question 10

Rate of depreciation on residential building is……………..

Accepted Answer

A) 10% 
B) 20% 
C) 25% 
D) 5%

Question 11

………………..standard deduction from annual value is allowed.

Accepted Answer

A) 10% 
B) 20% 
C) 30% 
D) 15%

Question 12

When the portion of the house is self-occupied for the full year and portionis self-occupied for the whole year, the annual value of the house shall bedetermined by .

Accepted Answer

A) the full annual value of the house the proportionate annual value of selfoccupied portion for the whole year shall be deducted 
B) its present standard value 
C) all of the above 
D) none of the above

Question 13

Value of rent-free accommodation or a house owned by employer in case of non-government employees with above 25 lakh population is .

Accepted Answer

A) 15% of employee salary 
B) 7.5% of employee salary 
C) 20% of employee salary 
D) 10% of employee salary

Question 14

Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible up to a maximum amount of .

Accepted Answer

A) ` 50,000 
B) ` 1,50,000 
C) ` 5,000 
D) none of the above

Exam 3: Income From House Property