Top 150+ Solved Business Taxation MCQ Questions Answer
Q. Value of rent-free accommodation in case of Government employee shallbe taxable up to
a. 15% of employee’s salary
b. 8% of employee’s salary
c. license fee fixed by government
d. 10% of employee’s salary
Q. Value of rent-free accommodation or a house owned by employer in caseof non-government employees with above 25 lakh population is .
a. 15% of employee salary
b. 7.5% of employee salary
c. 20% of employee salary
d. 10% of employee salary
Q. House property held for less than 36 months is .
a. short-term capital asset
b. projected capital asset
c. exempted capital asset
d. long-term capital asset
Q. Expected rent shall be higher of .
a. municipal value and standard rent
b. fair rent and actual rent received
c. standard rent and fair rent
d. municipal value and fair rent
Q. Interest on capital, borrowed on 10.10.2000, for self-occupied property isdeductible up to a maximum amount of .
a. ` 50,000
b. ` 1,50,000
c. ` 5,000
d. none of the above
Q. Deduction from annual value is allowed under .
a. section 24
b. section 25
c. section 27
d. section 28
Q. Interest on loan for self-occupied house taken before 1st April, 1999 will beallowed up to
a. ` 30,000
b. ` 1,50,000
c. ` 10,000
d. ` 50,000
Q. Deduction allowed from annual value is .
a. interest on loan for constitution
b. interest on loan for repair
c. statutory deduction
d. all of the above
Q. An individual assesses can show maximum loss of …………….from a selfoccupied residential house property.
a. 1,50,000
b. ` 30,000
c. 20,000
d. ` 5,00,000
Q. The Annual Value has been defined under of Income Tax Act, 1961.
a. section 20
b. section 22
c. section 23(1)
d. section 23
Q. When the portion of the house is self-occupied for the full year and portionis self-occupied for the whole year, the annual value of the house shall bedetermined by .
a. the full annual value of the house the proportionate annual value of selfoccupied portion for the whole year shall be deducted
b. its present standard value
c. all of the above
d. none of the above
Q. If fair rent is not gives, then assume………….as fair rent.
a. actual rent
b. standard rent
c. average rent
d. none of the above