INCOME TAX

The provisions relating to the income from house property are contained in sections.

• 16-21

• 22-27

• 28-32

• 36-42

A rent which a similar property can fetch in a similar locality is called.

• Municipal value

• Fair rent value

• Standard rent va;ue

• Actual rent value

A Standard deduction of _________ of the net annual value is allowed as deduction u/s 24.

• 30%

• 40%

• 50%

• 13%

Interest on pre construction period will be allowed in __________ equal annual instalments.

• 2

• 3

• 4

• 5

GAV of let-out house is:

• Higher of ERV or Actual Rent

• Least of ERV or Actual Rent

• Lower of FRV or MRV

• none of these

Maximum deduction of interest on loan borrowed after 1.4.99 in case of self occupied house is:

• Rs.1,50,000

• Rs.30,000

• Rs.50,000

• Rs.2,00,000

Maximum deduction of interest on loan borrowed before 1.4.99 in case of self occupied house is:

• Rs.1,50,000

• Rs.30,000

• Rs.50,000

• Rs.2,00,000

Maximum loss possible on self occupied house is

• Rs.10,000 or Rs.50,000

• Rs.20,000 or Rs.2,00,000

• Rs.30,000 or Rs.2,00,000

• Rs.30,000 or Rs.50,000

Municipal taxes paid by tenant is deducted from GAV

• True

• False

Unrealized rent is deducted from Expected rent

• True

• False