Income from House Property MCQ | 30 Free MCQs

Income from House Property MCQ

Income from House Property MCQ
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

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