House Property Quiz

Under which section of the Income Tax Act is 'Income from House Property' covered?

• Section 15 to 21
• Section 22 to 27
• Section 28 to 44
• Section 80C

Which of the following is NOT a condition for income to be taxed under House Property?

• Property must be a building or land appurtenant
• Owner should use it for business
• Assessee must be the owner
• Rental income must be from buildings

What is the basis for charge under Income from House Property?

• Actual rent received only
• Municipal value
• Annual Value
• Market price of property

Who is a deemed owner of a house property?

• Tenant
• Spouse to whom the property is transferred
• Employee
• Neighbour

How many self-occupied properties can be claimed for nil annual value?

• One
• Three
• Two
• None

What is the treatment of municipal taxes paid by the tenant?

• Allowed as deduction
• Added to income
• Not allowed as deduction
• None of the above

Which of the following is a Let-Out property?

• Vacant land
• Rented building
• Property used for business
• House under construction

Deemed to be let out property is applicable when you have more than how many self-occupied houses?

• 2
• 1
• 3
• 4

What is not charged under Income from House Property?

• Rented house income
• Palace occupied by ex-ruler
• Let out commercial property
• Deemed let-out property

How is Annual Value calculated?

• Higher of fair rent and actual rent
• Municipal value only
• Lower of standard rent and actual rent
• Higher of expected rent or actual rent