RETAIL BANKING : QUIZ - 7

1. An individual took a loan of rs 25lakh for purchasing a flat for self-occupation on 30/03/2015 & paid rs 2,20,000 towards interest during F.Y. 2016-17. The maximum amount of interest which he can claim as a deduction would be_______.

• a) Rs 150000
• b) Rs 120000
• c) Rs 200000
• d) Rs 30000

2. Husband and wife jointly raise a loan in April 2014 for constructing a house for self occupation. The construction was completed in July 2015 they have been paying the housing loan installments on 50:50 basis from their respective incomes. During F.Y. 2016-17 they paid interest of Rs. 425000. The minimum interest which each of them can claim as deduction is _______.

• a) Rs 100000
• b) Rs 200000
• c) Rs 150000
• d) Rs 175000

3. An individual took a loan of Rs. 10 lakh for purchasing a plot of land during F.Y. 2010-11 and has paid around Rs. 110000 towards interest and around Rs. 57000, towards principal during F.Y.2016-17. He has not made any other contribution U/s 80C, 80CCC, 80CCD. He will be able to claim deduction of _________.

• a) Rs 150000
• b) Rs 57000
• c) Rs 207000
• d) Rs 0(nil)

4. In case of home loan in joint names, the tax benefits get divided among owners.

• a) True
• b) False

5. NRI earns an additional taxable income from India apart from the salary earned abroad, then he is eligible to claim tax exemption for the home loan repayment as available for resident home loan.

• a) True
• b) False

6. Short term capital asset means a capital asset held for less than ____ immediately prior to the date of transfer.

• (a) 24 months
• (b) 12 months
• (c) 6 months
• (d) 36 months

7. By applying rule72, rupee will double in nine years if the rate of interest is _______%p.a.

• a) 18%
• b) 9%
• c) 8%
• d) 6%

8. The registration fees for registration of documents in Maharashtra is approximately ________% of the consideration of the document but subject to a maximum limit of rs

• a) 3% 50000
• b) 1% 30000
• c) 2% 20000

9. Interest at 15% p.a. means monthly interest at________%

• a) 1.25%
• b) 2.25%
• c) 1.50%
• d) 2.50%

10. In India, mortgage advice profession is carried out without any regulations

• a) TRUE
• b) FALSE