Practice Test

Q1) M has taken a house on rent and sublets the same to A. Income from such house property shall be taxable under the head. Show Answer

Q2) Municipal valuation of the house is Rs.1,00,000 fair rent Rs.1,20,000, standard rent Rs.1,10,000 and actual rent received or receivable is Rs.1,40,000. The Gross Annual Value in this case shall be Show Answer

Q3) Municipal valuation of the house is Rs.1,20,000, fair rent 1,40,000, standard rent Rs.1,30,000 and actual rent received or receivable is Rs.1,25,000. The gross annual value in this case shall be Show Answer

Q4) A has two house properties. Both are self-occupied. The annual value of Show Answer

Q5) An assessee has borrowed money for purchase of a house & interest is payable outside India. Such interest shall : Show Answer

Q6) Municipal tax is deducted from Show Answer

Q7) In case the property is owned by co-owners and it is self occupied by all co-owners. The annual value of Show Answer

Q8) A house property with fair rent Rs.1,20,000 is neither let out nor self occupied through out the previous year. Its annual value shall be Show Answer

Q9) Unrealised rent is a deduction from Show Answer

Q10) A property is owned by co-owners and it is self occupied by all co-owners. In this case interest on money borrowed after 1-4-1999 for acquiring the house shall be allowed. Show Answer

Q11) In case of self-occupied property, the deduction on account of interest on the money borrowed for the purpose of construction of such house property cannot exceed Rs. _______. Show Answer

Q12) Fair rent of house is Rs.1,50,000, standard rent Rs.1,20,000 and annual rent Rs.1,30,000.Municipal taxes paid for 6 yrs. in advance is Rs.1,00,000. The net annual value shall be ___ _. Show Answer

Q13) Municipal taxes are deductible from the gross annual value only when they _______. Show Answer

Q14) Income is taxable under the head house property only when the assessee is the_____ of such House Property. Show Answer

Q15) Arrears of rent shall be deemed to be income of the previous year in which such rent ______ after deducting ____ of such amount. Show Answer

Q16) For a self-occupied house property occupied on July 1,2014 for which housing loan was availed, if the interest up to March 31, 2016 is Rs.90,000 and thereafter the interest payable is Rs.3,000 per month, the deduction available under section 24 in respect of interest for the year ended March 31,2017 is Rs. _______ Show Answer

Q17) An Assessee, after sale of house property, receiving arrears of rent, is chargeable to tax; the same computed in the stipulated manner, shall be chargeable to tax as ______. Show Answer

Q18) Income of the property can be taxed under the head house property only when the owner does not occupy the property for his ________. Show Answer

Q19) Fair letable Value cannot exceed. Show Answer

Q20) Net annual value of SOP is ____. Show Answer

Q21) M gifted his house property to his wife in 2006. Mrs.M has let out the house property @ Rs.20,000 p.m. The income from such house property will be taxable in the hands of Mrs. M. Show Answer

Q22) C transferred his house property to his wife with an agreement to live apart. Income from such house property shall be taxable in the hands of Mrs.C. Show Answer

Q23) M has taken a house property on lease for 20 years from G and let out the same to S . Income from such house arising to M shall be taxable as income under the head other sources. Show Answer

Q24) M is a member of Shilpa Co-operative Society which is the owner of flats constructed by it. One of the flats is allotted to M . The income from such house property shall be taxable in the hands of Shilpa co-operative society. Show Answer

Q25) M is owner of building although the land was taken by him on lease. The income from such house property shall be taxable under the head income from other sources. Show Answer

Q26) M has taken a house on rent and sublets the same to G. Income from such house property shall be taxable in the hands of M under the head income from other sources. Show Answer

Q27) A has two house properties Both are self occupied. The annual value of both the house shall be nil. Show Answer

Q28) Municipal tax is a deduction from net annual value. Show Answer

Q29) In case the property is owned by co-owners and it is let, income from such property shall be computed separately for each co-owner . Show Answer

Q30) In case the property is owned by co-owners and it is self occupied by all co-owners the annual value for each co-owner shall be Nil Show Answer

Q31) In the above case, total deduction to all co-owners for interest on money borrowed shall be allowed upto the maximum of Rs.30,000 / Rs. 2,00,000 as the case may be. Show Answer

Q32) Unrealised rent is a deduction from net annual value. Show Answer

Q33) An assessee has borrowed money for purchase of a house and interest is payable outside India. Such interest shall be allowed as deduction, without any further conditions. Show Answer