Income from House Property MCQ | 30 Free MCQs
Income from House Property MCQ
1. Gross Annual Value of a SOP is …………….
a) Nil
b) 50,000
c) None of the above
2. Municipal tax is a deduction allowed on …………. basis.
a) Payment
b) due
c) None of the above
3. Municipal tax is allowed as a deduction if it is paid by the ……… of the property.
a) Owner
b) tenant
c) Owner or tenant
d) None of the above
4. Income is taxable under the head house property only when the assessee is the ……….. of such house property.
a) Owner
b) tenant
c) Owner or tenant
d) None of the above
5. Arrears of rent shall be deemed to be income of the previous year in which such rent is …………… after deducting ………….. of such amount.
a) received, 30%
b) received, 50%
d) None of the above
6. Income from House cannot be taxed under the head house property if the owner occupies the property for his ……………...
a) business or profession
b) Living
c) None of the above
7. Arrears of rent received after the sale of property is taxable after deduction of …………..% of such amount.
a) 30%
b) 50%
c) None of the above
8. 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 …………… .
a) 2,00,000
b) 3,00,000
c) 5,00,000
d) None of the above
9. Fair rent of house is 2,50,000 and annual rent 2,80,000. Municipal taxes paid for 6 yrs. In advance is 1,20,000. The Net annual value shall be ……………….
a) 1,20,000
b) 1,60,000
c) None of the above
10. For a self-occupied house property occupied in 2017-18 for which housing loan was availed, the interest up to March 31, 2017 is 2,05,000 and thereafter the interest payable is 5000 per month, the deduction available under section 24 in respect of interest for the year ended March 31, 2020 is ……….
a) 1,01,000
b) 1,05,000
c) None of the above
| Answers: 1)Nil 2)payment 3)owner 4)owner 5)received, 30% 6)business or profession 7)30% 8)2,00,000 9)1,60,000 10)1,01,000 |
11. Municipal tax is deducted from ……………….
a) GAV
b) NAV
c) None of the above
12. Standard deduction is allowed on a notional basis of an amount equal to ………..% of net annual value.
a) 40%
b) 30%
c) None of the above
13. Pre-construction interest on a house is allowed in ………….. equal installments commencing from the previous year in which property is acquired or constructed.
a) Five
b) Six
c) Three
d) None of the above
14. Interest on loan for a self-occupied property is restricted to …………. or ……………. as applicable.
a) 30,000 or 2,00,000
b) 50,000 or 3,00,000
c) None of the above
15. Interest on borrowed money which is payable outside India shall be allowed as deduction if tax has been deducted at …………….
a) source
b) None of the above
16. The unrealized rent has been allowed to be deducted in determining the …………. u/s 23 (i).
a) Gross annual value
b) Net annual value
c) None of the above
17. Income from sub-letting is taxable under the head ………………
a) income from other sources
b) income from house property
c) None of the above
18. Interest accrued during the construction period preceding the year of completion of construction is termed as …………. interest.
a) pre-construction
b) post-contruction
c) None of the above
19. Municipal valuation of the source is 1,20,000 and actful rent received is 1,25,000 fair Rent is 1,40,000. The gross annual value, in this case, shall be ………. Assuming that reduction in rent is due to vacancy.
a) 1,20,000
b) 1,40,000
c) 1,25,000
d) None of the above.
20. Municipal valuation of the house is 1,00,000 fair rent of 1,20,000 and actual rent received or receivable is 1,40,000. The Gross Annual Value, in this case, shall be
a) 1,00,000
b) 1,20,000
c) 1,40,000
d) None of the above
| Answers: 11)gross annual value 12)30% 13)five 14)30,000 or 2,00,000 15)source 16)gross annual value 17)income from other sources 18)pre-construction 19)1,25,000 20)1,40,000 |
21. Municipal valuation of the house is 1,20,000 fair rent of 1,40,000 and actual rent received or receivable is 1,25,000. The gross annual value, in this case, shall be assuming that a reduction in rent is not due to vacancy.
a) 1,25,000
b) 1,25,000
c) 1,40,000
d) None of the above
22. A house property with fair rent of 1,00,000 is neither let out nor self-occupied throughout the previous year. Its annual value shall be.
a) 1,00,000
b) Nil
c) 85,000
d) None of the above
23. Mandan has taken a house on rent and sublets the same to Anil. Income from such house property shall be taxable under the head.
a) Income from house property
b) Income from other sources
c) Business Income
d) None of the above
24. Un realized rent is deducted from. ………….
a) Gross annual value
b) Net annual value
c) Municipal Value
d) None of the above
25. A property is owned by co-owners and it is self-occupied house property. In this case, interest on money borrowed after 1-4-1999 for acquiring the house shall be allowed.
a) To the extent of Rs 2,00,000 as the case may be for the total property income.
b) To each co-owner, to the extent of Rs 2,00,000 as the case may be
c) No deduction of interest shall be allowed.
d) None of the above.
26. A has two house properties. Both are self-occupied. The Gross annual value of…………
a) Both houses shall be nil
b) One house shall be nil
c) No house shall be nil
d) None of the above
27. An assessee has borrowed money for the purchase of a house property & Interest is paid outside India. Such interest shall:
a) Be allowed as deduction
b) Not to be allowed as deduction
c) Be allowed as deduction if the tax is deduction at source
d) None of the above
28. Municipal tax is deducted from …………….
a) Net Annual Value
b) Gross Annual Value
c) Municipal Valuation
d) None of the above
29. In case the property is owned by co-owners and it is self occupied by all co-owners . The annual value of ……………
a) Such house property be nil
b) For each co-owners shall be nil
c) Only for co-owner will be nil
d) None of the above
30. Municipal Tax paid is allowed as a deduction for …………….
a) SOP only
b) LOP only
c) LOP and DLOP
d) All of the above
| Answer: 21)1,40,000 22)1,00,000 23)Income from other sources 24)Gross annual value 25)To each co-owner, to the extent of Rs2,00,000 as the case may be 26)One house shall be nil 27)Be allowed as deduction if the tax is deduction at source 28)Gross Annual Value 29)For each co-owners shall be nil 30)LOP and DLOP |
31. A house property with fair rent of 1,20,000 is neither let out nor self-occupied throughout the previous year. Its annual value shall be
a) 1,20,000
b) Nil
c) 60,000
d) None of the above
32. Unrealised rent is a deduction from……………
a) Gross annual value
b) Net annual value
c) Municipal Value
d) None of the above
33. A has two house properties. Both are self-occupied.
a) Both houses are SOP
b) One is SOP and other is DLOP
c) One house is LOP
d) None of the above
34. In case the property is owned by co-owners and it is self occupied by all co-owners. The annual value of…………….
a) Such house property be nil
b) For each co-owners shall be nil
c) Only for co-owner will be nil
d) None of the above
35. Municipal Tax paid is allowed as a deduction for ………….
a) SOP only
b) LOP only
c) LOP and DLOP
d) All of the above
36. Municipal tax is a deduction allowed on ……………..
a) Accrual basis
b) Payment basis
c) Both (a) & (b)
d) None of the above
37. Municipal tax paid in respect of house property is allowed as deduction if paid by ……………..
a) Tenant
b) Owner
c) Both (a) & (b)
d) None of the above
38. Mr. Varun is the owner of two houses namely “Genaraje” at Mulund & “Om Sai” at Thane which are self–occupied. However, the apartment at “Om Sai” was let out for 2 months. The computation of this property would be ………….
a) LOP
b) SOP
c) Partly LOP & partly SOP
d) DLOP
39. Unadjusted loss from house property can be carried forward & set off in subsequent years subject to limit of …………..
a) 7 Years
b) 8 Years
c) 6 Years
d) 9 Years
| Answer: 31)1,20,000 32)Gross annual value 33)Both houses are SOP 34)For each co-owners shall be nil 35)LOP and DLOP 36)Payment Basis 37)Owner 38)LOP 39)8 Years |
