Q. Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to
✅ Correct Answer: (A)
` 30,000
Business Taxation MCQs and Notes
Q. ………………..standard deduction from annual value is allowed.
✅ Correct Answer: (C)
30%
Q. Deduction from annual value is allowed under .
✅ Correct Answer: (A)
section 24
Q. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible up to a maximum amount of .
✅ Correct Answer: (B)
` 1,50,000
Q. Expected rent shall be higher of .
✅ Correct Answer: (D)
municipal value and fair rent
Q. 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
the gross annual value would be Municipal value ` 36,000 Actual rent `
32,000 Fair Rent ` 36,000 Standard Rent ` 40,000
✅ Correct Answer: (A)
` 36,000
Q. House property held for less than 36 months is .
✅ Correct Answer: (C)
exempted capital asset
Q. Rate of depreciation on residential building is……………..
✅ Correct Answer: (D)
5%
Q. Value of rent-free accommodation or a house owned by employer in case of non-government employees with above 25 lakh population is .
✅ Correct Answer: (A)
15% of employee salary
Q. Value of rent-free accommodation in case of Government employee shall be taxable up to
✅ Correct Answer: (C)
license fee fixed by government