Income from House and Property (India)
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This set of Business Taxation Multiple Choice Questions & Answers (MCQs) focuses on Income from House and Property (India)
Q1 | Deduction allowed from annual value is .
- interest on loan for constitution
- interest on loan for repair
- statutory deduction
- all of the above
Q2 | An individual assesses can show maximum loss of …………….from a selfoccupied residential house property.
- 1,50,000
- ` 30,000
- 20,000
- ` 5,00,000
Q3 | The Annual Value has been defined under of Income Tax Act, 1961.
- section 20
- section 22
- section 23(1)
- section 23
Q4 | When the portion of the house is self-occupied for the full year and portionis self-occupied for the whole year, the annual value of the house shall bedetermined by .
- the full annual value of the house the proportionate annual value of selfoccupied portion for the whole year shall be deducted
- its present standard value
- all of the above
- none of the above
Q5 | If fair rent is not gives, then assume………….as fair rent.
- actual rent
- standard rent
- average rent
- none of the above
Q6 | Rent received by original tenant from sub-tenant is taxable under the head
- income from house property
- income from other sources
- income from capital gain
- none of the above
Q7 | The net annual value of house let out is ` 1,00,000 and actual amount spentby the assessee on repairs and insurance premium is ` 20,000. The amountof deduction allowed under Section 24(a) shall be .
- ` 35,000
- ` 45,000
- ` 30,000
- ` 25,000
Q8 | Rent from House Property let out by an assessee to his employees whensuch letting is incidental to his main business will be chargeable to taxunder head .
- profit and gain from business and profession
- income from capital gain
- income from house property
- all of the above
Q9 | When annual value of one-self occupied house is nil, the assesses will beentitled to the standard deduction of .
- 10%
- 20%
- nil
- none of the above
Q10 | Gross annual value shall be higher of .
- expected rent
- actual rent received or receivable
- all of the above
- none of the above
Q11 | Income from property held under trust for charitable or religious purposesis .
- exempted from tax
- taxable @ 10%
- taxable @ 20%
- none of the above
Q12 | For computation of Gross Annual Value, if actual rent is more thanexpected rent, then we select the .
- actual rent
- expected rent
- any of the above
- none of the above
Q13 | The charging section of the income under the head capital gains is :
- section 15
- section 17
- section 10
- section 45 (2)
Q14 | Which of the following is not a requisite for charging income-tax on capitalgains –
- the transfer must have been effected in the relevant assessment year
- there must be a gain arising on transfer of capital asset
- capital gains should not be exempt u/s 54
- capital gains should not be exempt u/s 54ec
Q15 | The following shall not be regarded as capital asset:
- urban land
- securities held by a foreign institutional investor as per sebi act, 1992
- archaeological collections
- motor car
Q16 | The following shall be regarded as capital asset:
- gold jewellery held by jeweller as sit trade.
- securities held by fii as per sebi act, 1992, held as stock in trade.
- motor car held by motor car manufacturer as sit
- none of above
Q17 | The following shall not be regarded as capital asset:
- jewellery
- rural agricultural land
- archaeological collections
- personal residential house
Q18 | The following shall be regarded as capital asset:
- jewellery
- sculptures
- archaeological collections
- all of the above
Q19 | Capital asset excludes all except
- stock-in-trade
- personal effects
- jewellery
- agricultural land in india.
Q20 | Which of the following are included in the jewellery -
- ornaments made of gold, silver and platinum.
- precious metals whether or not worked or sewn into any wearing apparel.
- semi-precious stones.
- all of the above.
Q21 | A short term capital asset means a capital asset held by the assessee for notmore than:
- 12 months immediately preceding the month of its transfer
- 24 months immediately preceding the date of its transfer.
- 36 months immediately preceding the date of its transfer.
- none of the above.
Q22 | In terms of section 2(42A), listed securities are treated as long-term capitalasset, if they are held for a period of more than –
- 12 months
- 36 months
- 24 months
- 48 months
Q23 | A Long term capital asset means a capital asset held by the assessee formore than:
- 12 months immediately preceding the month of its transfer.
- 24 months immediately preceding the date of its transfer.
- 36 months immediately preceding the date of its transfer.
- none of the above.
Q24 | . A person entered into partnership is known as …………
- partner
- people
- karta
- none of the above
Q25 | Collective group of persons is known as……..
- firm
- society
- person’
- none of the above