Direct Tax MCQs and Notes

M

Mr. Dubey • 52.30K Points
Coach

Q 11. Standard deduction under section 24(a) from income from House property is _______

(A) 1/3 rd of NAV

(B) Repairs actually incurred by the owner

(C) 30% of NAV

(D) Rs.30,000

M

Mr. Dubey • 52.30K Points
Coach

Q 12. Municipal taxes to be deducted from GAV should be _______

(A) Paid by the tenant during the previous year

(B) Paid by the owner during the previous year

(C) Accrued during the previous year

(D) Accrued or paid by owner whichever is lower

M

Mr. Dubey • 52.30K Points
Coach

Q 13. Following will be taxable as income from house property_______-

(A) Sub -letting of a house

(B) Letting of an office building

(C) Sale of house at profit

(D) Rent from open land used for wedding functions

M

Mr. Dubey • 52.30K Points
Coach

Q 14. Dhanesh is a member of house building cooperative society. The society is the owner of the flats constructed by it. One of the flats is allotted to Dhanesh. The income from that flat will be assesses in the hands of ____________

(A) Co -Operative Society

(B) Dhanesh

(C) Neither of the above

(D) Society and Dhanesh equally

M

Mr. Dubey • 52.30K Points
Coach

Q 15. Unrealized rent is a deduction from ______-

(A) Gross annual value

(B) Net annual value

(C) Municipal value

(D) District

M

Mr. Dubey • 52.30K Points
Coach

Q 16. A house property with fair rent Rs.1,20,000 is neither let out nor self-occupied throughout the previous year. Its annual value shall be ________

(A) Rs.1,20,000

(B) Nil

(C) Rs.60,000

(D) None of the above

M

Mr. Dubey • 52.30K Points
Coach

Q 17. In case the property is owned by co -owners and it is self-occupied by all co -owners. The annual value of such house property ____________

(A) Be nil

(B) For each co-owner shall be nil

(C) Only for co -one owner will be nil

(D) None of the above

M

Mr. Dubey • 52.30K Points
Coach

Q 18. Municipal tax is deducted from__________

(A) Net annual value

(B) Gross annual value

(C) Municipal valuation

(D) Amount value

M

Mr. Dubey • 52.30K Points
Coach

Q 19. An assessee has borrowed money for purchase of house and interest is payable outside India. Such as interest shall ____________

(A) Be allowed as deduction

(B) Not to be allowed as deduction

(C) Be allowed as deduction if the tax is deducted at source

(D) None of the above

M

Mr. Dubey • 52.30K Points
Coach

Q 20. A has two house properties. Both are self-occupied. The annual value of _________

(A) Both houses shall be nil

(B) One house shall be nil

(C) No house shall be nil

(D) None of the above