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Mr. Dhoni is a salaried employee in Ranchi Ltd. He also earns income from letting out of vacant land of Rs. 1 Lakh p.a. The land us situated 1 km. away from his house. The income of Rs 1 Lakh is taxable under which head of Income as per the provisions of Income tax Act?
Mr. Ronaldo has a house property in Goa. He sold the house in the month of May 2022.
He recovered rent of ₹ 15000 in June2022 from Mr. Messy to whom he had let out his house from April 2018 to March 2019. He could not recovered Rent of ₹ 30000 for which the actual rent was reduced while computing the total Income from house property for the A.Y. 19-20.
Further he had let out the same property from April 2019 to September 2019. In June 2019 he had increased rent from 16,000 pm to 19000 pm. which was a subject matter of dispute. On July 12,2022 the dispute was sucessfully resolved and he received the arrears of rent from June 19 to September 19. Determine his total taxable income in the hands for Mr. Ronaldo?
Mr. Dhoni is in business of letting out of vacant land. During the year he let out vacant land which is situated 25 km. away from his house and earns total income of ₹ 3lakhs from the same. The income of ₹ 3 Lakh is taxable under which head of Income?
Miss Deepika is a salaried employee in Pallikal Ltd. She has a well furshined house property in Noida which let out on rent to Mr. Dinesh. She charges rent of Rs. 20,000 per month for the house and Rs. 5000 per month for the furniture. The two lettings are separable. Determine under which head income is taxable?
Mr. kohli has a house property held as stock in trade. The Annual Value of property is Rs. 1,20,000. He received the completion certificate from competent authority of said property on his birthday i.e. on 5th November in 2020. What is the total taxable income in the hands of Mr. Kohli for the A.Y. 22-23 assuming he didnt let out the property to anyone from nov 2020 to march 2022?
Miss Sania holds 5 houses for self occupancy. What is the tax treatment for A.Y. 2022-23 in respect of income from house property?
Mr A an indian citizen who lived for 60 days during previous year in India. He visits India every year for 40 days. He has a house property in New York which is given on rent. The rent is receivable in India. Determine whether the Rent income is taxable in the hands of Mr. A in India or not?
Mr. K Resident individual has a house property in Paris which is let our during previous year for Rs. 20000 pm. He paid Municipal tax of Rs. 4,000 during previous year in Paris. Determine the taxable income in the hands of Mr. K.
Mr. Sachin has a House property whose municipal valuation is Rs. 1,50,000 p.a. The property was let during the year at monthly rent of Rs. 10000. The Fair value of the Rent is Rs. 12000 per month..The standard Rent Fixed by Rent contol Act is Rs.1,52,400 p.a. He paid municipal tax of Rs. 5000 and interest on borrowed capital of Rs. 25000 for the same. Compute the Gross Annual Value of the property.
Compute the total income of Mr. Kapil Dev from the following details:
Income from salary (computed) 25 lakhs
Loan taken from HFC 44 lakhs
Date of sanction 1.4.2021
Date of disbursement 1.5.2021
Purpose : acquisition of residential house property for self occupation
Rate of interest : 9%
Stamp duty value of house property : 45 lakhs
Compute the total income of Mr. Anil Dev from the following details:
Income from salary (computed) 25 lakhs
Loan taken 45 lakhs from deposit taking NBFC
Date of section 1.4.2019
Date of disbursement 1.5.2019
Purpose: acquisition of residential house property for self occupation
Rate of interest : 9%
Stamp duty value of house property : Rs 48 lakhs
Akshay and Ajay are co owners of house property with 75% and 25% share respectively.The property consist of 12 identical units.
During 21-22 both of them occupied one unit for residence and balance 10 units were let out at a rent of 10,000 per month per unit . The municipal value of house property is 9,00,000. municipal taxes are 10% of municipal value, which was paid during the year.
Answer the following questions:
What is the amount of municipal taxes allowable as deduction from gross annual value while computing the income from house property in the hands of Mr.Akshay for A.Y. 2022-23.
What is the amount of municipal taxes allowable as deduction from gross annual value while computing income from house property of Mr.Ajay for A.Y. 2022-23
What is the income charge le under the head ” Income from House Property” of Mr. Akshay for A.Y. 2022-23
What is the income charge le under the head ” Income from House Property” of Mr. Ajay for A.Y. 2022-23
Z limited is solely engaged in the business of letting out of properties.
ZA limited is engaged in construction and sale of properties which let out some properties which are held as stock in trade and earn rental income. Determine the income of Z limited and ZA limited is taxable under which head.
i) Z- income from house property
ii) ZA – profit and gains from business and or profession
iii)Z -profit and gain from business or profession
iv) ZA- Income from house property
ZA limited is engaged in construction and sale of properties. ZA limited let out some properties which are held as stock in trade and earn rental income. Determine the income of Z limited and ZA limited is taxable under which head.
Animesh has a property whose municipal valuavaluation is Rs 230000 per annum. The fair rent and standard rent is Rs. 210000 and 220000 per annum respectively. The property was Let out for rent of Rs. 21000 per month throughout the previous year. Unrealised rent was Rs.21000 for which all the conditions prescribed under rule 4 were satisfied. He paid municipal taxes at 10% of municipal valuation. Interest on borrowed capital was 40,000 for the year.Compute income from house property of Animesh for assessment year 2022-23.
Mrs Sharma owns house property in Chennai. The municipal value of the property is ₹500000 , fair rent is ₹420000 and standard rent is ₹480000. The property was Let out for ₹50000 per month up to December 2021. Thereafter the tenant vacated the property and Mrs. Sharma used the house for self occupation. Rent for the month of November and December 2021 could not be realised in spite of the owner’s efforts. She paid Municipal taxes @ 12% during the year. She had paid interest of 25000 during the year for amount borrowed for repair for the house property. Assuming all the conditions prescribed under rule 4 are satisfied, compute income from house property for the A.Y.2022-23.
A Residential building has 2 equal units, unit 1 and unit 2 of which one is self occupied and the other is let out @ ₹6,000 per month.
The particulars of said building are as under. Municial Value 1,56,000 – Standard Rent 1,00,000 – Fair Rental Value 2,50,000 – Municipal Tax Paid 10,000 – Rent for 2 months could not be realised and the conditions as envisaged in Rule 4 have been complied with. Compute the annual value of house property for assessment year 2022-23
Mr. Shankar took a loan from ICICI bank on 01/01/2018 and construction was completed on 31/07/2020 i.e. F.Y. 2020-21, the said loan was repaid on 30/12/2021, Identify the preconstruction period for the given property
Calculate the annual value of following House property owned and let out by Mr. Sudhakar
Municipal Value – 2,16,000
Fair Rental Value – 2,20,000
Standard Rent – 2,25,000
Annual Rent – 3,60,000
Property remains vacent for 1 month during the year Unrealised rent is Rs. 10,000
Municipal Taxes Paid during the year – 70,000
Municipal Taxes for the previous year – 75,000
Mr. Rahul has taken a loan from HDFC Housing Ltd. for ₹ 1500000 on 1/11/2018. She made principal repayment as follows:
1.4.2019 – 400000
1.10.2020 – 500000
1.1.2022 – 300000
Calculate the amount of interest allowed as deduction u/s 24 for A.Y. 2022-23 Assuming, construction completed on 14/02/2022. Note: Rate of interest is 12%
Municipal Taxes are allowed on what basis?
The Annual value of house property held as stock in trade where it is not let out during the year shall be deemed to be nil for what period of time ?
Interest on fresh loan taken to repair the original loan is _________as deduction.
Calculate the annual value of following Self Occupied House property of Mr. Venkat
Municipal Value – 6,00,000
Fair Rental Value – 7,60,000
Standard Rent – 6,00,000
Annual Rent – NIL
Municipal Taxes Paid – Rs. 20,000
Municipal Taxes paid for the previous year – 25,000
When a house property is owned by 2 or more persons and their shares are definite and ascertainable will duck owners be assessed as AOP
Income from vacant plot of land is charged under which head of income
What is the relevance of municipal taxes paid in case of a self occupied property
Mr. Aakash gifted house property valued Rs. 60 lakhs to his wife Renisa, who in turn has gifted the same to her daughter -in- law Varsha. The house was let out at 25000 per month throughout the P.Y. 2020-21. Compute income from house property for A.Y. 2021-22. and in whose hands the same is taxable?
Mr . Achal gifted a house property to his wife, Meera and a flat to his daughter -in- law Veena. Both the properties were let out. Select the correct statement from the following.
Mr. Selemon purchased his first house in Indore for self occupation on 20.4.2021 for Rs. 45 lakhs, stamp duty value for the same is also Rs. 45 lakhs. He took a loan taken from Bank which was sanctioned on 30.3.2021 and disbursed on 10.4.2021.He paid interest of Rs. 3.8 lakhs during the year. Determine the tax treatment for the interest paid by him?
Mr. Ram owns a house property. He let out the house property to Mr. Shyam on rent of 10000 per month who in turn sublet the same to Mr. Gopal at rent of 15000 per month. Rental Income of Mr. Ram is taxable under which head?
If municipal tax is paid by the tenant, Then what is the treatment for the same?
Mr. Neeraj has a house property in London which was let out during the year. In which of the following cases income of house property is taxable in India?
Mr. Ram owns a house property and let out the same to Mr. Shyam on rent of Rs. 10000 pm., who in turn sublets the same to Mr. Gopal at the rate of Rs. 15000 per month. Determine the head of income in which the rental Income received by Mr. Shyam is taxable.
Mr. Aloknath has a house property. During the year 2021-2022 he paid municipal tax of Rs.16000 out of which municipal tax of Rs. 5,000 pertains to year 2020-2021 and Rs. 5,000 pertains to 2021-2022 and Rs. 6,000 paid in advance for the year 2022-23. Which of the following is deductable from the Annual Value of House property?
Mr. Kashi owns a house property which is used for his self occupation. On ground floor there is shop which he let our for the year. The rental income from shop is taxable under which head of income?
From the following information calculate reasonable expected rent:
Municipal Value – Rs. 8,48,484
Fair Rent – 2,52,252
If a property is covered under the Rent Control Act, reasonable expected rent will be municipal value or fair rent whichever is ____
In case if, letting out of building and other assets are separable, rent of building will be charged to tax under the head___________ and rent of other assets will be charged under the head _________.
If an individual transfers his or her house property to his/her spouse (not being a transfer in connection with an agreement to live apart) or to his/her minor child (not being married daughter) without adequate consideration, then the _______ will be deemed as owner of the property.
Mr R gifted two house properties to his minor married daughter. The income from such house property is taxable in the hands of
Rental income from a property being building or land appurtenant thereto of which the taxpayer is _________ is charged to tax under the head “Income from House Property”.
Which of the folling is not a condition under section 25 (i.e. where deduction of interest from annual value is not available)