Income from House Property-1

1.      Which is the charging section of Income from House Property ?

• 15

• 22

• 24

• 17

2. Income from vacant land is taxable under the head

•     Income from House Property

•   Income from Other Sources

•    Income from Salaries

• None of the above

3. Income can be taxable under the head “Income from House Property” if the following conditions are satisfied …….

• The property must consist of building and land appurtenant thereto

• Property consists of a building of which Assessee should be the owner

• The property should not be used by the owner for carrying out his business or profession

•      All of the above

4. Which of the following is not income from House Property of the Assessee

• Rent received from the Residential Flat owned by Assessee

• Rent received from the vacant plot owned by Assesee

• Income under Deemed Let Out House Property

• All of the above.

5. Mr. Varun runs his business in the building he has taken on rent. He pays  a rent of Rs.20,000/- p.m. to the landlord of the rented building. He let out same property to Mr. Akash and receives Rs.30,000/- p.m. as a rent from other part of the building.

How much income will show Mr. Varun under the head Income from House Property?

• Rs.2,40,000

•   Rs.3,60,000 

• Rs.1,20,000

• NIL

6. Income from sub-letting of house property is taxable under the head------

• Income from House Property

   

• Income from Other Sources

• None of the above.   

• Profits and Gains of Business or Profession

7. In case the Letting out of property is the main business of the assessee, then the income from such property is taxable as---

• Income from House Property

          

• Income from Other Sources

• Profits and Gains of Business or Profession

• None of the above.

8.      The maximum limit of deduction u/s. 24(b) for interest on borrowed capital on or after 01.04.1999 for repairs of self occupied house property

• Rs.    30,000

•   Rs. 2,00,000       

• Rs. 50,000

• None of the above

9.       Deductions for “ Income from House Property” are applicable under …………..section of Income tax Act .

• Sec. 16

   

• Sec. 24

• Sec.80C

• Sec.17

10. The maximum limit of deduction u/s. 24(b) for interest on borrowed capital on or after 01.04.1999 for acquisition or construction of such house property  is ----

• Rs.30,000

• Rs.2,00,000

• Rs.1,50,000

• Rs.40,000