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Business Taxation MCQs: 73 Questions & Answers in Faculty

73 Business Taxation MCQs in Faculty with answers & explanations. Practice objective questions for competitive exams, interviews & self-assessment — free on… Use the answer toggle below to show or hide all solutions, tap an option to check one question, or open a question for its own page.

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Business Taxation MCQs: 73 Questions & Answers in Faculty

Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to

………………..standard deduction from annual value is allowed.

Deduction from annual value is allowed under .

Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible up to a maximum amount of .

Expected rent shall be higher of .

Mr. Shushant is the owner of a house, the details of which are given below the gross annual value would be Municipal value ` 36,000 Actual rent ` 32,000 Fair Rent ` 36,000 Standard Rent ` 40,000

House property held for less than 36 months is .

Rate of depreciation on residential building is……………..

Value of rent-free accommodation or a house owned by employer in case of non-government employees with above 25 lakh population is .

Value of rent-free accommodation in case of Government employee shall be taxable up to

The value of interest-free concessional loans to employees is determined on the basis of lending rates of for the same purpose.

Arrear rent is taxable after deducting…………..as per Section 25B of the Income Tax Act, 1961.

Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of .

,67,000. While computing income from house property, the deduction is allowable to the extent of .

Which of the following is not a case of deemed ownership of house property?

Calculate the Gross Annual Value from the following details: Municipal Value ` 45,000 Fair rental value ` 50,000 Standard Rent ` 48,000 Actual Rent ` 42,000

If the assesses let out the building or staff quarters to the employee of business, the rent collected from such employees is assessable as income from .

If the individual using the property for the business or professional purpose the income taxable under the……………..head.

Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid ` 8,000 as local taxes during the year. He uses this house for his residential purposes but lets out half of the house @ ` 3,000 p.m. The annual value of the house is.

An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as .

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