Question 1

Dhanesh is a member of house building cooperative society. The society is the owner of the flats constructed by it. One of the flats is allotted to Dhanesh. The income from that flat will be assesses in the hands of ____________

Accepted Answer

The income from the flat allotted to Dhanesh by the house building cooperative society will be assessed in the hands of Dhanesh, as he is the individual using the property and generating income from it.

Question 2

Following will be taxable as income from house property_______-

Accepted Answer

Letting of an office building is taxable under the head "Income from House Property" as it involves earning rental income from a property.

Question 3

Municipal taxes to be deducted from GAV should be _______

Accepted Answer

Municipal taxes are deductible from the Gross Annual Value (GAV) only if they are paid by the owner during the previous year.

Question 4

Standard deduction under section 24(a) from income from House property is _______

Accepted Answer

The answer of Standard deduction under section 24(a) from income...

Question 5

Interest on borrowed capital accrued up to the end of the previous year to prior to the year of competition of construction is allowed__________

Accepted Answer

Interest on borrowed capital accrued up to the end of the previous year prior to the year of completion of construction is allowed as a deduction in 5 equal annual installments from the year of completion of construction.

Quiz 2: Taxation and Exemptions Related to House Property and Employee Benefits

Dhanesh is a member of house building cooperative society. The society is the owner of the flats constructed by it. One of the flats is allotted to Dhanesh. The income from that flat will be assesses in the hands of ____________

Following will be taxable as income from house property_______-

Municipal taxes to be deducted from GAV should be _______

Standard deduction under section 24(a) from income from House property is _______

Interest on borrowed capital accrued up to the end of the previous year to prior to the year of competition of construction is allowed__________