McqMate
Chapters
1. |
Under the Head Income from House Property, the basis of charge is the of property. |
A. | annual value |
B. | quarterly value |
C. | half-quarterly value |
D. | none of the above |
Answer» A. annual value |
2. |
Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.
|
A. | income from salary |
B. | income from other sources |
C. | income from house property |
D. | income from business |
Answer» B. income from other sources |
3. |
An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as . |
A. | co-owner |
B. | deemed owner |
C. | owner himself |
D. | none of the above |
Answer» B. deemed owner |
4. |
Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid `
|
A. | 15,000 |
B. | ` 16,000 |
C. | ` 17,000 |
D. | ` 18,000 |
Answer» B. ` 16,000 |
5. |
If the individual using the property for the business or professional purpose the income taxable under the……………..head. |
A. | income from house property |
B. | income from huf |
C. | income from other |
D. | income from business or proprietorship |
Answer» D. income from business or proprietorship |
6. |
If the assesses let out the building or staff quarters to the employee of
|
A. | business |
B. | house property |
C. | other sources |
D. | none of the above |
Answer» C. other sources |
7. |
Calculate the Gross Annual Value from the following details: Municipal
|
A. | ` 50,000 |
B. | 48,000 |
C. | ` 45,000 |
D. | 42,000 |
Answer» B. 48,000 |
8. |
Which of the following is not a case of deemed ownership of house 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 |
Answer» D. co-owner of a property |
9. |
,67,000. While computing income from house property, the deduction is allowable to the extent of . |
A. | ` 30,000 |
B. | 1,00,000 |
C. | ` 1,67,000 |
D. | ` 1,50,000 |
Answer» D. ` 1,50,000 |
10. |
Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of . |
A. | 25% of annual value |
B. | 10% of annual value |
C. | 30% of annual value |
D. | 20% of annual value |
Answer» C. 30% of annual value |
11. |
Arrear rent is taxable after deducting…………..as per Section 25B of the Income Tax Act, 1961. |
A. | 30% |
B. | 35% |
C. | 10% |
D. | 20% |
Answer» A. 30% |
12. |
The value of interest-free concessional loans to employees is determined on the basis of lending rates of for the same purpose. |
A. | sbi |
B. | ` rbi |
C. | central government |
D. | state government |
Answer» D. state government |
13. |
Value of rent-free accommodation in case of Government employee shall be taxable up to |
A. | 15% of employee’s salary |
B. | 8% of employee’s salary |
C. | license fee fixed by government |
D. | 10% of employee’s salary |
Answer» C. license fee fixed by government |
14. |
Value of rent-free accommodation or a house owned by employer in case of non-government employees with above 25 lakh population is . |
A. | 15% of employee salary |
B. | 7.5% of employee salary |
C. | 20% of employee salary |
D. | 10% of employee salary |
Answer» A. 15% of employee salary |
15. |
Rate of depreciation on residential building is…………….. |
A. | 10% |
B. | 20% |
C. | 25% |
D. | 5% |
Answer» D. 5% |
16. |
House property held for less than 36 months is . |
A. | short-term capital asset |
B. | projected capital asset |
C. | exempted capital asset |
D. | long-term capital asset |
Answer» C. exempted capital asset |
17. |
Mr. Shushant is the owner of a house, the details of which are given below
|
A. | ` 36,000 |
B. | 35,000 |
C. | ` 30,000 |
D. | ` 40,000 |
Answer» A. ` 36,000 |
18. |
Expected rent shall be higher of . |
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 |
Answer» D. municipal value and fair rent |
19. |
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible up to a maximum amount of . |
A. | ` 50,000 |
B. | ` 1,50,000 |
C. | ` 5,000 |
D. | none of the above |
Answer» B. ` 1,50,000 |
20. |
Deduction from annual value is allowed under . |
A. | section 24 |
B. | section 25 |
C. | section 27 |
D. | section 28 |
Answer» A. section 24 |
21. |
………………..standard deduction from annual value is allowed. |
A. | 10% |
B. | 20% |
C. | 30% |
D. | 15% |
Answer» C. 30% |
22. |
Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to |
A. | ` 30,000 |
B. | ` 1,50,000 |
C. | ` 10,000 |
D. | ` 50,000 |
Answer» A. ` 30,000 |
23. |
Deduction allowed from annual value is . |
A. | interest on loan for constitution |
B. | interest on loan for repair |
C. | statutory deduction |
D. | all of the above |
Answer» D. all of the above |
24. |
An individual assesses can show maximum loss of …………….from a selfoccupied residential house property. |
A. | 1,50,000 |
B. | ` 30,000 |
C. | 20,000 |
D. | ` 5,00,000 |
Answer» A. 1,50,000 |
25. |
The Annual Value has been defined under of Income Tax Act, 1961. |
A. | section 20 |
B. | section 22 |
C. | section 23(1) |
D. | section 23 |
Answer» C. section 23(1) |
26. |
When the portion of the house is self-occupied for the full year and portion
|
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 |
Answer» A. the full annual value of the house the proportionate annual value of selfoccupied portion for the whole year shall be deducted |
27. |
If fair rent is not gives, then assume………….as fair rent. |
A. | actual rent |
B. | standard rent |
C. | average rent |
D. | none of the above |
Answer» A. actual rent |
28. |
Rent received by original tenant from sub-tenant is taxable under the head |
A. | income from house property |
B. | income from other sources |
C. | income from capital gain |
D. | none of the above |
Answer» B. income from other sources |
29. |
The net annual value of house let out is ` 1,00,000 and actual amount spent
|
A. | ` 35,000 |
B. | ` 45,000 |
C. | ` 30,000 |
D. | ` 25,000 |
Answer» C. ` 30,000 |
30. |
Rent from House Property let out by an assessee to his employees when
|
A. | profit and gain from business and profession |
B. | income from capital gain |
C. | income from house property |
D. | all of the above |
Answer» A. profit and gain from business and profession |
31. |
When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of . |
A. | 10% |
B. | 20% |
C. | nil |
D. | none of the above |
Answer» C. nil |
32. |
Gross annual value shall be higher of . |
A. | expected rent |
B. | actual rent received or receivable |
C. | all of the above |
D. | none of the above |
Answer» C. all of the above |
33. |
Income from property held under trust for charitable or religious purposes is . |
A. | exempted from tax |
B. | taxable @ 10% |
C. | taxable @ 20% |
D. | none of the above |
Answer» A. exempted from tax |
34. |
For computation of Gross Annual Value, if actual rent is more than expected rent, then we select the . |
A. | actual rent |
B. | expected rent |
C. | any of the above |
D. | none of the above |
Answer» A. actual rent |
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