Quiz  /  Income tax Bank PO MCQ Questions With Answers

  • 1. 
    The provisions relating to the income from house property are contained in sections.

  • 16-21
  • 22-27
  • 28-32
  • 36-42

  • 2. 
    Interest on pre construction period will be allowed in __________ equal annual instalments.

  • 2
  • 3
  • 4
  • 5

  • 3. 
    Maximum deduction of interest on loan borrowed before 1.4.99 in case of self occupied house is:

  • Rs.1,50,000
  • Rs.30,000
  • Rs.50,000
  • Rs.2,00,000

  • 4. 
    A Standard deduction of _________ of the net annual value is allowed as deduction u/s 24.

  • 30%
  • 40%
  • 50%
  • 13%

  • 5. 
    A rent which a similar property can fetch in a similar locality is called.

  • Municipal value
  • Fair rent value
  • Standard rent va;ue
  • Actual rent value

  • 6. 
    Municipal taxes paid by tenant is deducted from GAV

  • True
  • False

  • 7. 
    Maximum deduction of interest on loan borrowed after 1.4.99 in case of self occupied house is:

  • Rs.1,50,000
  • Rs.30,000
  • Rs.50,000
  • Rs.2,00,000

  • 8. 
    GAV of let-out house is:

  • Higher of ERV or Actual Rent
  • Least of ERV or Actual Rent
  • Lower of FRV or MRV
  • none of these

  • 9. 
    Maximum loss possible on self occupied house is

  • Rs.10,000 or Rs.50,000
  • Rs.20,000 or Rs.2,00,000
  • Rs.30,000 or Rs.2,00,000
  • Rs.30,000 or Rs.50,000

  • 10. 
    Unrealized rent is deducted from Expected rent

  • True
  • False
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