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TAX House property

Total questions: 100

Worksheet time: 3hrs 5mins

Name
Class
Date
1.

GAV IS KNOWN AS

a)

GROSS ACCOUNTING VALUE

b)

GREATER ANNUAL VALUE

c)

GROSS ANNUAL VALUE

2.

GAV IS KNOWN AS

a)

GROSS ACCOUNTING VALUE

b)

GREATER ANNUAL VALUE

c)

GROSS ANNUAL VALUE

3.

MRV STANDS FOR

a)

MUNICIPAL RENTAL VALUE

b)

MARGINAL RENTAL VALUE

c)

MUNICIPAL REAL VALUE

4.

FRV STANDS FOR

a)

FINAL RENTAL VALUE

b)

FIXED RENTAL VALUE

c)

FAIR RENTAL VALUE

5.

SR DEALS WITH

a)

TENANT CONTROL ACT

b)

OWNER CONTROL ACT

c)

RENT CONTROL ACT

6.

SR STANDS FOR

a)

SECONDARY RATE

b)

STANDARD RENT

c)

STANDARD RISK

7.

VACCANCY MEANS

a)

TENANT OCCUPYING THE HOUSE

b)

TENANT NOT PAYING THE RENT

c)

NO TENANT

8.

UNREALISED RENT MEANS

a)

NO TENANT

b)

TENANT OCCUPYING THE HOUSE BUT NOT PAYING THE RENT

c)

CHEQUE RECEIVED FOR RENT IS NOT REALISED

9.

NAV MEANS

a)

GAV - MT

b)

GAV - EXPENSES

c)

FRV - MRV

10.

IFHP

a)

INDIVIDUAL FETCH HOUSE PROPERTY

b)

INCOME FROM HOUSE PROPERTY

c)

INCOME FOR HOUSE PROPERTY

11.

INCOME TAX ACT

a)

1961

b)

1956

c)

1932

12.

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

a)

16-21

b)

22-27

c)

28-32

d)

36-42

13.

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

a)

Municipal value

b)

Fair rent value

c)

Standard rent va;ue

d)

Actual rent value

14.

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

a)

30%

b)

40%

c)

50%

d)

13%

15.

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

a)

2

b)

3

c)

4

d)

5

16.

GAV of let-out house is:

a)

Higher of ERV or Actual Rent

b)

Least of ERV or Actual Rent

c)

Lower of FRV or MRV

d)

none of these

17.

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

a)

Rs.1,50,000

b)

Rs.30,000

c)

Rs.50,000

d)

Rs.2,00,000

18.

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

a)

Rs.1,50,000

b)

Rs.30,000

c)

Rs.50,000

d)

Rs.2,00,000

19.

Maximum loss possible on self occupied house is

a)

Rs.10,000 or Rs.50,000

b)

Rs.20,000 or Rs.2,00,000

c)

Rs.30,000 or Rs.2,00,000

d)

Rs.30,000 or Rs.50,000

20.

Municipal taxes paid by tenant is deducted from GAV

a)

True

b)

False

21.

Unrealized rent is deducted from Expected rent

a)

True

b)

False

22.

Income Tax Act was passed in the year

a)

1924

b)

1961

c)

1962

d)

1988

23.

Which is the present Assessment Year?

a)

2018-19

b)

2019-20

c)

2020-21

d)

2021-22

24.

Which is the present Previous Year?

a)

2018-19

b)

2019-20

c)

2020-21

d)

2001-02

25.

TDS

a)

Tax Deducted at Source

b)

Total Deducted at Source

c)

Tax Deducted at Sample

d)

Tax Due at Source

26.
An employee's fixed agreed yearly income. 
a)
Salary
b)
Deductions
c)
Wages
d)
Commission
27.
This is paid to the Government once a person's income passes a set amount. 
a)
Fees
b)
Wages
c)
Tax
d)
Salary
28.

Statement 1: Imposition of taxes is a legislative act.

Statement 2: Collection of taxes is an administrative act.

a)

Only the first statement is correct.

b)

Only the second statement is correct.

c)

Both statements are correct.

d)

Both statements are incorrect.

29.

Statement 1: Tax avoidance is a form of tax escape.

Statement 2: Tax evasion is not punishable.

a)

Only the first statement is correct.

b)

Only the second statement is correct.

c)

Both statements are correct.

d)

Both statements are incorrect.

30.

Income from a business in Pakistan is taxable in the case of non resident in India

a)

True

b)

False

31.

A non resident Indian is not liable to pay tax on his income received in India.

a)

True

b)

False

32.

A person can be resident in more than one country.

a)

True

b)

False

33.

There is no relation of the residential status of individual to his citizenship.

a)

True

b)

False

34.

The residential status of an assessee may change in every the previous year

a)

True

b)

False

35.

The income tax is a direct tax charged annually by the Central Govt.

a)

True

b)

False

36.

Current assessment is for income earned

a)

from 1 April 2019 to 31 march 2020

b)

from 1 April 2020 to 31 march 2021

c)

from 1 Jan 2020 to 31 Dec 2020

d)

from 1 Jan 2019 to 31 Dec 2020

37.

The goal of tax planning generally is to

a)

Minimize taxes

b)

Maximize after-tax wealth

c)

Support the federal government

d)

Minimize IRS scrutiny

38.

When do you start paying taxes?

a)

when you turn 18

b)

when you make more than the minimum income requirement

c)

when you get a full-time job (part-time does not count)

d)

when you are notified by the CBDT that you are required to pay income taxes

39.

This is not a head of income

a)

Income from House Property

b)

Capital Gains

c)

Income from Interest on Securities

d)

Salaries

40.

The term person is defined under this section of Income Tax Act

a)

4

b)

2(31)

c)

2(7)

d)

3

41.

Find the term that does not belong to the group

a)

Ordinary Assessee

b)

Not Oridnarily Assessee

c)

Assessee in default

d)

Representative Assessee

42.

Income from House Property

a)

Sec.22

b)

sec.22 to sec.27

c)

sec.27

d)

none of them

43.

deduction under section-24

a)

house property

b)

salary

c)

other sources

d)

capital gain

44.

Assessee must be the owner of house property ( under income from house property)

a)

true

b)

false

45.

House property can be used as ............. by the owner of the property

a)

self-occupied

b)

let-out

c)

self-occupied & Let out

46.

Income from House Property is not charged to tax?

a)

Income from farm house u/s 10(1)

b)

Property held for charitable purposes u/s 11

c)

House property used for own business / profession

d)

all of the above

47.

more then one house used for self-occupied purpose , in the situation only one house will be treated as self-occupied

a)

True

b)

False

48.

house used for self business purpose by assesses will not be taxable under income from house property .

a)

true

b)

false

49.

if house is used for self-occupied purpose then only interest on loan u/s 24 is allowed as deduction

a)

true

b)

false

50.

loss from self-occupied house (if any) under income from house property, can be set-off from income from let-out house property .

a)

Yes

b)

No

c)

loss cant be set-off

51.

There is no limit of interest u/s 24 if house is let out

a)

true

b)

false

52.

Income from sub-letting of house is not chargeable to tax under the head house property

a)

True

b)

False

53.

Under the Head Income from House Property, the basis of charge is the ______________ of property.

a)

Annual value

b)

half yearly

c)

quarterly

d)

none of the above

54.

The following conditions must be satisfied to charge the rental income under the head Income

of House Property:

a)

The property should consist of any buildings or lands

b)

The asssessee should be one of the property

c)

The property should not be used by the owner for the purpose of business or professional

purpose

d)

All of the above

55.

Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Ram is taxable under the head

______________.

a)

Income from Salary

b)

Income from Other Sources

c)

Income from House Property

d)

Income from Business

56.

Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Mr.Luxman is taxable under the head

a)

Income from house property

b)

income from other sources

c)

income from Business

57.

The Gross annual value of the property is depends upon the ______________.

a)

Standard rent

b)

Municipal Valuation

c)

Fair rent

d)

All of the above

58.

Calculate the Gross Annual Value from the following details:

Municipal Value rs. 45,000 Fair rental value rs. 50,000

Standard Rent rs.48,000 Actual Rent rs.42,000

a)

rs. 48000

b)

rs.45000

c)

rs 50000

d)

rs.42000

59.

Mr. Rupesh owns a house property. Municipal value 1,50,000, Fair Rent 1,25,000 Standard Rent 1,45,000. It is let out throughout the previous year for 10,000 p.m. Find out the Gross Annual Value for the

Assessment Year 2020-21.

a)

150000

b)

145000

c)

125000

d)

120000

60.

Income from property held under trust for charitable or religious purposes is ______________.

a)

Exempted from tax

b)

Taxable @ 10%

c)

Taxable @ 20%

d)

None of the above

61.

When annual value of one-self occupied house is nil, the assesses will be entitled to the

standard deduction of _______________.

a)

10%

b)

20%

c)

Nil

d)

30%

62.

Rent from House Property let out by an assessee to his employees when such letting is

incidental to his main business will be chargeable to tax under head _______________.

a)

Profit and Gain from Business and Profession

b)

Income from Capital Gain

c)

Income from House Property

d)

All of the above

63.

The net annual value of house let out is rs. 1,00,000 and actual amount spent by the assessee on

repairs and insurance premium is rs. 20,000. The amount of deduction allowed under Section

24(a) shall be _______________.

a)

rs. 35,000

b)

rs. 45,000

c)

rs. 30,000

d)

rs. 25,000

64.

Rent received by original tenant from sub-tenant is taxable under the head _______________.

a)

Income from House Property

b)

Income from Other Sources

c)

Income from Capital Gain

d)

None of the above

65.

Mr. R owns a house. The Municipal value of the house is rs.50,000. He paid rs.8,000 as Municipal taxes during the year. He uses 1/2 house for his residential purposes and let out 1/2 of the house @ rs.3,000 p.m. The net annual value of the house is ______________.

a)

rs.32,000

b)

rs.36,000

c)

rs. 37,000

d)

rs.38,000

66.

Section 22 of the Act is the charging section for taxing any income under the head ___________.

a)

Income from Other Sources

b)

House Property

c)

Profits and gains from Business or Profession

d)

Capital Gains

67.

Annual value of a property being building or land appurtenant thereto of which the taxpayer is________, is charged to tax under the head “Income from House Property” provided it is not used by him for the purpose of business or profession carried on by him.

a)

Owner

b)

Power of attorney holder

c)

Sub-tenant

d)

Holder in due course

68.

When the owner let out the house property and tenant used the same for carrying on his own business, then under which head, the rental income in the hands of owner shall be taxable?

a)

Profit under Business or Profession

b)

Income from House Property

c)

Income from Other Sources

d)

None of these

69.

Gross Annual Value of a self-occupied property is:

a)

Fair Rent

b)

Nil

c)

Expected Rent

d)

None of these

70.

Which element has relevance for determining Gross Annual Value of house property under section23?


a)

Sub-Standard Rent

b)

Standard Rent

c)

Stressed Rent

d)

None of these

71.

Which element has no bearing on determining net annual value of house property?

a)

Gross Annual Value

b)

Municipal Taxes of house property

c)

Standard Rent

d)

Standard Deduction

72.

Under section 27, there are six situations which may give rise to the concept of “Deemed Owner”. Identify the situation which does not fall under section 27.

a)

Transfer of house property to a spouse

b)

Holder of impartible estate

c)

Transfer of house property to a brother

d)

Transfer of house property to a minor child

73.

Amount left after claiming deduction of Municipal taxes from Gross Annual Value is ______.

a)

Net Income

b)

Net annual value

c)

Taxable GAV

d)

Total Income

74.

The standard deduction that can be claimed under section 24(a) is ___________ of NAV.

a)

20%

b)

30%

c)

40%

d)

50%

75.

Deduction under section 24(b) is available on account of ___________

a)

Municipal taxes paid by the owner

b)

Revenue expenditure incurred by the owner

c)

Interest incurred on capital borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property

d)

Capital expenditure incurred by the owner

76.

Gifts are taxed under

a)

Income tax Act

b)

Wealth Tax Act

c)

Under Gift Tax Act

d)

Negotiable Instruments ct

77.

Income Tax is imposed by

a)

(a) State Government

b)

(b) Central Government

c)

(c) Both of the above

d)

(d) Constitution of India

78.

Parliament has the power to levy tax on incomes other than

a)

(a) Exempt Incomes

b)

(b) Income of poor people

c)

(c) Agricultural Income

d)

(d) All incomes are taxable

79.

Highest Administrative Authority for Income Tax in India is .

a)

(a) Finance Minister

b)

(b) CBDT

c)

(c) President of India

d)

(d) Director of Income Tax

80.

Income Tax Act came into force on

a)

. (a) 1.4.1961

b)

(b) 1.4.1962

c)

(c) 1.4.1956

d)

(d) 1.4.1965

81.

Finance Bill becomes the Finance Act when it is passed by

a)

. (a) Lok Sabha

b)

(b) Both Lok Sabha & Rajya Sabha

c)

(c) Both House of Parliament & signed by President.

d)

(d) Both House of Parliament & signed by Prime Minister

82.

Mr. P sets up a new business on 15.7.2018 & he commenced his business from 1.2.2019. First PY shall be:

a)

(a) 15.7.2018 to 31.3.2019

b)

(b) PY 2018-19

c)

(c) 1.2.2018 to 31.3.2019

d)

(d) PY 2019-20

83.

Assesse is a person

a)

pays tax

b)

pays tax and penalty

c)

to whom a notice is sent under the Act

d)

All the above

84.

Assessees may fail to give the assessing officer adequate co-operation regarding the assessment procedure. The Assessing officer may resort to

a)

Reassessment

b)

Best Judgement Assessment

c)

Summary Assessment

d)

Self Assessment

85.

It is legal

a)

Tax avoidance

b)

Tax evasion

c)

Tax management

d)

None

86.

Insurance amount received from the insurance company on account of destruction of crops by storm

a)

Casual Income

b)

Non agricultural Income

c)

Insurance Income

d)

Agricultural Income

87.

Temple property belongs to .............as per recent pronouncement of the Supreme court

a)

Supreme court

b)

High Court

c)

Diety

d)

Worshipers

88.

Income tax return filing deadline for FY 2020-21 extended to

a)

Sept 15, 2021

b)

Oct 30 , 2021

c)

Sept 30,2021

d)

December 31, 2021

89.

The Ministry of Finance has been regularly monitoring the resolution of issues of the IT website with

a)

L&T

b)

Infosys Ltd

c)

IBM

d)

Apple

90.

The income tax officer can impose a penalty of .................. on the concerned person if he possesses more than one PAN cards.

a)

Rs 50,000

b)

Rs 1,00,000

c)

Rs 10,000

d)

Rs 2,00,000

91.

Charging section of Income from house property is

a)

Section 15

b)

Section 56

c)

Section 22

d)

Section 45

92.

B gifted the house property to his minor son which was let out @ Rs. 9,000 p.m. Income from such house property shall be taxable in the hands of:

a)

Minor son

b)

B. However, it will be first computed as minor's income and thereafter clubbed in the income of B

c)

B, as he will be deemed owner of such house property and liable to tax

d)

None of the above

93.

The construction of a house was completed on 31st January, 2022. The owner of the house took a loan of Rs. 20,00,000 @ 6% p.a. on 01st May, 2022. In this case deduction allowable for the previous year 2022-23 towards interest on borrowings is:

a)

Rs.22,000

b)

Rs.24,000

c)

Rs.1,10,000

d)

None of the above

94.

When a house property is let out throughout the year for a monthly rent of Rs. 22,000 and municipal tax paid for the current year is Rs. 24,000 and for the earlier year paid now is Rs. 16,000, the income from house property would be:

a)

Rs.1,68,000

b)

Rs.1,56,800

c)

Rs.1,84,800

d)

Rs.2,24,000

95.

Suresh owns two house properties. First property was used half for running his business and the other half was let out at Rs. 4,000 p.m. The second property was wholly used as a residence by Suresh. Municipal value of the two properties were the same at Rs. 72,000 each p.a. and local taxes @ 10%. Suresh’s income from house property for the previous year 2022-23 will be:

a)

Rs.33,600

b)

Rs.31,080

c)

Rs.28,500

d)

Rs.62,160

96.

Find the Gross Annual Value of house property of Anil if the following is given: Municipal value = Rs. 1,40,000; Fair Rent = Rs. 1,20,000; Standard Rent = Rs. 1,50,000; Actual Rent = Rs. 1,30,000.

a)

Rs.1,40,000

b)

Rs.1,20,000

c)

Rs.1,50,000

d)

Rs.1,30,000

97.

What are the conditions to be fulfilled in order to claim exemption of unrealized rent?

a)

The defaulting tenant is in occupation of any other property of the assessee.

b)

Steps have been taken to compel him to vacate the property

c)

The tenancy is bona fide

d)

Both (b) and (c)

98.

Mohan took a loan of Rs. 6,00,000 on 1-4-2020 from a bank for construction of a house. The loan carries an interest @ 10% p.a. The construction is completed on 15-6-2022. The entire loan is still outstanding. Compute the interest allowable for the assessment year 2023-24.

a)

Rs.60,000

b)

Rs.1,80,000

c)

Rs.84,000

d)

Rs.24,000

99.

Sandeep purchased a house for his residential purpose after taking a loan in January, 2022. During the previous year 2022-23, he paid interest on loan Rs. 2,17,000. While computing income from house property, the deduction is allowable to the extent of:

a)

Rs.30,000

b)

Rs.1,00,000

c)

Rs.2,17,000

d)

Rs.2,00,000

100.

Suresh owns two house properties. First property was used half for running his business and the other half was let out at Rs. 4,000 p.m. The second property was wholly used as a residence by Suresh. Municipal value of the two properties were the same at Rs. 72,000 each p.a. and local taxes @ 10%. Suresh’s income from house property for the previous year 2022-23 will be:

a)

Rs.33,600

b)

Rs.31,080

c)

Rs.28,500

d)

Rs.62,160

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