MCQ QUIZ | INCOME FROM HOUSE PROPERTY

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    Following are the mcqs on Income from House Property. 

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1. The basis of charge of income under head of House Property is --------------of property.

a. Annual Value

b. Annual Rent

c. Municipal Value

d. Fair Value

2. Annual value is defined u/s

a. 23(2)

b. 23(1)

c. 24(b)

d. 26(3)

3. Foreign house property’s income is taxable in the case of______________

(a) Resident

(b) Non Resident

(c) Ordinarily Resident

(d) Citizen

4. Municipal taxes to be deducted from GAV should be__________

(a) Paid by the tenant during the previous year

(b) Paid by the owner during the previous year

(c) Accrued during the previous year

(d) Paid during the previous year either by tenant or owner

5. Interest for pre-acquisition period is deductible in ………………. installments

a. Three

b. Five

c. Six

d. Ten

MCQ QUIZ | MCQ ON INCOME FROM SALARY | TAXATION MCQ | Quiz is available after the end of MCQs

6. --------------- is the rent which fixed under the Rent control Act.

a. Fixed Rent

b. Standard Rent

c. Unrealized Rent

d. Annual Rent

7. Gross Annual Value (- ) ------------------------------ = Net Annual Value

a. Municipal Value

b. Standard Rent

c. Municipal Tax

d. Interest on loan

8. The ceiling limit of deduction under section 24 (b) in respect of if interest on loan taken on 1.4.2018 for repairs of a self-occupied house is Rs.______ per annum.

(a) 50,000

(b) 30,000

(c) 1,50,000

(d) 2,00,000

9. Income from letting out of vacant land is taxable under the head Income from ______.

(a) Salary

(b) House Property

(c) Capital Gain

(d) Other Sources

10. Gross annual value of let-out house property is calculated by considering Municipal Value, Fair Rent, ___________, and Rent Actually Received.

(a) Standard Rent

b. Indexed Value of Property

c. Book Value of Property

d. Market Value of Property

MCQ QUIZ | MCQ ON INCOME FROM SALARY | TAXATION MCQ | Quiz is available after the end of MCQs

11. If the property is available for let out but was vacant during the whole or part of previous year, such vacancy considered as__________

a. Loss due to vacancy

b. Loss due to unrealized Rent

c. Loss due to standard Rent

d. Compensating/Set off losses

12. Deduction u/s. 24(b) i.e. interest on loan borrowed for self-occupied house property is maximum allowed as Rs.________ for A.Y. 2021-22. (if in case of Existing/Old regime

(a) Rs.1,25,000

(b) Rs.1,50,000

(c) Rs.2,00,000

(d) Rs.3,00,000

13. Municipal Tax is to be charged on the __________

(a) Municipal Value of the Property

(b) Fair Value of the Property

(c) Standard Rend as per Rent Control Act

(d) Rent actually received from tenant

14. Treatment of unrealized rent for determining income from house property

(a) To be deducted from expected rent

(b)To be deducted from actual rent

(c) To be deducted under section 24 from annual value

(d) To be deducted from both expected rent and actual rent

15. Gross Annual Value of a self-occupied property is:

(a) Fair Rent

(b) Expected Rent

(c) Nil

(d) Normal Rent

MCQ QUIZ | MCQ ON INCOME FROM SALARY | TAXATION MCQ | Quiz is available after the end of MCQs

16. The standard deduction that can be claimed under section 24(a) is________of NAV.

(a) 30%

(b) 25%

(c) 45%

(d) 100%

17. Deduction under section 24(b) in respect of interest in case of let-out property cannot exceed_______ .

(a) No Maximum Limit

(b) Rs. 30,000

(c) Rs. 2,00,000

(d) Rs. 1,50,000

18. Income from let out of vacant land, it will be taxable under the head ………

a. Income from Other Sources

b. Income from Salary

c. Income from House Property

d. Income from Capital gain.

19. If Income is from sale house property, it will be taxable under the head ……..

a. Income from House Property

b. Income from Business or Profession

c. Income from Other Sources

d. Income from Capital gain.

20. Mr. Akshay Shende has two house properties, both are self-occupied. The Gross Annual Value for A.Y. 2021-22.

a. One House will be Nil

b. Both House will be Nil

c. No House will be Nil

d. None of the above

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