Income from House Property MCQ | 30 Free MCQs

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