Income From Salary (India) Set 2
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This set of Business Taxation Multiple Choice Questions & Answers (MCQs) focuses on Income From Salary (India) Set 2
Q1 | Gift to employee up to p.a. will not be treated as perquisite taxable in thehands of employee.
- ` 4,000
- ` 5,000
- ` 10,000
- 2,500
Q2 | Expenditure on free meals to employee in excess of………………per meal willbe treated as perquisite of employee.
- ` 25
- 50
- ` 100
- ` 55
Q3 | Any commission due or received by a partner of a firm from the firm shallnot be regarded as salary income under .
- section 15
- section 20
- section 17
- section 19
Q4 | Under the Head Income from House Property, the basis of charge is theof property.
- annual value
- quarterly value
- half-quarterly value
- none of the above
Q5 | Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rentalincome of Laxman is taxable under the head .
- income from salary
- income from other sources
- income from house property
- income from business
Q6 | An individual who transfers house property without an adequateconsideration to his owner spouse or to minor child is called as .
- co-owner
- deemed owner
- owner himself
- none of the above
Q7 | ,000 as local taxes during the year. He uses this house for his residentialpurposes but lets out half of the house @ ` 3,000 p.m. The annual value ofthe house is .
- 15,000
- ` 16,000
- ` 17,000
- ` 18,000
Q8 | If the individual using the property for the business or professional purposethe income taxable under the……………..head.
- income from house property
- income from huf
- income from other
- income from business or proprietorship
Q9 | If the assesses let out the building or staff quarters to the employee ofbusiness, the rent collected from such employees is assessable as incomefrom .
- business
- house property
- other sources
- none of the above
Q10 | Calculate the Gross Annual Value from the following details: MunicipalValue ` 45,000Fair rental value ` 50,000 Standard Rent ` 48,000 Actual Rent ` 42,000
- ` 50,000
- 48,000
- ` 45,000
- 42,000
Q11 | Which of the following is not a case of deemed ownership of houseproperty?
- transfer to a spouse for inadequate consideration
- transfer to a minor child for inadequate consideration
- holder of an importable estate
- co-owner of a property
Q12 | ,67,000. While computing income from house property, the deduction isallowable to the extent of .
- ` 30,000
- 1,00,000
- ` 1,67,000
- ` 1,50,000
Q13 | Deduction for other expenses except interest in the computation of incomefrom house property is allowable to the extent of .
- 25% of annual value
- 10% of annual value
- 30% of annual value
- 20% of annual value
Q14 | Arrear rent is taxable after deducting…………..as per Section 25B of theIncome Tax Act, 1961.
- 30%
- 35%
- 10%
- 20%
Q15 | The value of interest-free concessional loans to employees is determinedon the basis of lending rates of for the same purpose.
- sbi
- ` rbi
- central government
- state government
Q16 | Value of rent-free accommodation in case of Government employee shallbe taxable up to
- 15% of employee’s salary
- 8% of employee’s salary
- license fee fixed by government
- 10% of employee’s salary
Q17 | Value of rent-free accommodation or a house owned by employer in caseof non-government employees with above 25 lakh population is .
- 15% of employee salary
- 7.5% of employee salary
- 20% of employee salary
- 10% of employee salary
Q18 | Rate of depreciation on residential building is……………..
- 10%
- 20%
- 25%
- 5%
Q19 | House property held for less than 36 months is .
- short-term capital asset
- projected capital asset
- exempted capital asset
- long-term capital asset
Q20 | Mr. Shushant is the owner of a house, the details of which are given belowthe gross annual value would be Municipal value ` 36,000 Actual rent `32,000 Fair Rent ` 36,000 Standard Rent ` 40,000
- ` 36,000
- 35,000
- ` 30,000
- ` 40,000
Q21 | Expected rent shall be higher of .
- municipal value and standard rent
- fair rent and actual rent received
- standard rent and fair rent
- municipal value and fair rent
Q22 | Interest on capital, borrowed on 10.10.2000, for self-occupied property isdeductible up to a maximum amount of .
- ` 50,000
- ` 1,50,000
- ` 5,000
- none of the above
Q23 | Deduction from annual value is allowed under .
- section 24
- section 25
- section 27
- section 28
Q24 | ………………..standard deduction from annual value is allowed.
- 10%
- 20%
- 30%
- 15%
Q25 | Interest on loan for self-occupied house taken before 1st April, 1999 will beallowed up to
- ` 30,000
- ` 1,50,000
- ` 10,000
- ` 50,000