BCM ARYA MODEL SR. SEC SCHOOL.

TAXATION CLASS XI
CHAPTER 3(b)
Assignment TAX-03(b)-2- MCQS

Q1. Chargeability of House Property is given u/s

(a) 15 (b) 22 (c) 20 (d) None of the above
Q2. The basis of chargeability of House Property is ____.
(a) Annual Value (b) Municipal Value (c) Standard Rent (d) Fair Rent
Q3. Under the head of house property, ____ is taxable.
(a) Income from building (b) Income from land
(c) Income from building &/or land attached to building (d) None of the above
Q4. House property means _____.
(a) Residential Houses (b) Shops or godowns
(c) Cinema or hotel building (d) All of the above
Q5. Mr. PC is having a plot of land. He has let out this to earn some extra income. Rent of such plot is taxable u/h
(a) PGBP (b) Income from house property
(c) IFOS (d) Any head at the choice of Mr. PC.
Q6. Mr. PC has taken a house on rent & sublet it to Mr. A. Income of Mr. PC from such house property is taxed u/h __.
(a) Income from house property (b) IFOS
(c) Income from salary (d) Not taxed at all
Q7. For any income from house property to be assessed u/h “Income from house property”, Assessee must such house property
for any purpose other than _____.
(a) his business.profession (b) his personal use
(c) Doing Illegal things (d) Gambling
Q8. Mr. PC is the owner of a house property covered under the Rent Control Act. Municipal value ₹ 30,000, actual rent ₹ 25,000;
fair rent ₹ 36,000 & standard rent is ₹ 28,000. GAV will be.
(a) ₹ 30,000 (b) ₹ 36,000 (c) ₹ 25,000 (d) ₹ 28,000
Q9. In case of SO HP, deduction of municipal taxes is ___
(a) available if paid by the owner (b) not available if paid by the tenant
(c) available if tax is deducted at source (d) No deduction of Municipal taxes paid.
Q10. Unrealized rent is allowed as a deduction from ___.
(a) GAV (b) NAV (c) Income from HP (d) Actual rent
Q11. Municipal Taxes are deducted from ____.
(a) NAV on payment basis (b) GAV on accrual basis
(c) GAV on payment basis (d) not deductible
Q12. Municipal taxes to be deducted from GAV should be
(a) Paid by tenant during PY (b) Paid by owner during PY
(c) Accrued during PY (d) None of the above
Q13. Deduction u/s 24(a) of statutory deduction under the head House Property is ____ % of NAV.
(a) 35% (b) 30% (c) 25% (d) 40%
Q14. Any person who has taken loan before 1.4.1999 for purchase or construction of the house which is self occupied, maximum
deduction for the interest shall be.
(a) ₹ 2 lacs (b) ₹ 30,000 (c) ₹ 3 lacs (d) Nil
Q15. Mr. PC received ₹ 30,000 as arrears of rent during AY 2021-22. Amount taxable u/s 25A:
(a) ₹ 30,000 (b) ₹ 21,000 (c) ₹ 20,000 (d) ₹ 15,000
Q16. If an assessee has borrowed money for purchase of a house & interest is payable outside India. Such interest shall be ____.
(a) Allowed as deduction (b) not allowed as deduction
(c) be allowed as deduction if tax is deducted at source (d) None of these
Q17. Which out of the following is not a case of deemed ownership of house property?
(a) Transfer of house property to a spouse for inadequate consideration
(b) Transfer of house property to a minor child for inadequate consideration
(c) Individual who is holder of an impartible estate
(d) Co-owner of a house property

Prepared By:
CA Inderpreet Kaur
(PGT FMM)