The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
Correct Answer :
A. The actual amount of interest
Related Questions
The income of previous year of an assessee is taxed during the following assessment year
True
False
House Rent Allowance is exempt from tax
True
False
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
Resident
Not Ordinarily Resident
Non Resident
All of the above.
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
PAN is necessary for the following assessees -
A businessman whose total turnover is Rs.5,00,001
A charitable trust
Both of the above
None of the above
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
If an assessee makes an absolute transfer of an asset without any consideration then any income from such property should be clubbed with the income of the assessee.
True
False
The Income Tax Act, which is still in force in India, was enforced in
1922
1961
1860
None of the above
Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000 from present employer and Rs.50,000 from the company he is going to join from 01.04.2006, during the previous year 2005-06. The total amount of salar
Rs.1,60,000
Rs.1,30,000
Rs.1,10,000
Rs. 80,000
According to Section 2(7) of Income Tax Act "Assessee" means
A person by whom any tax or other sum of money is payable
A person by whom any proceeding under the Act has been taken
A person who is deemed to be an assessee in default under any provision of this Act
All of the above
For a senior citizen the amount of deduction U/s 80D available is
The amount of premium paid or Rs.10,000 whichever is higher
The actual amount of premium paid or Rs.10,000 whichever is lower
The actual amount of premium paid or Rs.15,000 whichever is lower
None of the above
Which of the following income is / are exempt from tax?
Payments received from family income by a member of a HUF
Share of profit received by a partner of a partnership firm.
Any income of an educational institution and hospitals
All of the above
When a person has paid the security transaction tax on transfer of equity shares he does not have to pay any tax on long term capital gain arising on transfer of that equity share.
True
False
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
If both parents are earning then income of a minor child will be clubbed with
Income of parent having higher income
Proportionately with both parent's income
Income of parent having lower income
None of the above
Which one of the following taxes is not levied by the State Government?
Entertainment tax
VAT
Professional tax
None of the above.
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
Individual and HUF
Corporate
Partnership firm
None of the above
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get a deduction of Rs.30, 000 under sections 80C to 80U.His Gross Total Income and Net Total income are
Rs.150000 & 30000 respectively
Rs.150000 & 120000 respectively
Rs.120000 & 30000 respectively
None of the above.
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
True
False
Expected Rent can be determined in the following way
Higher of Municipal Value & Fair Rent
Lower of Municipal Value & Fair Rent
Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
Any of the above
If a self occupied property is converted into HUF property without adequate consideration then
Entire income from such property will be clubbed with the income of the transferor
50% of such income will be clubbed
Such income will not be clubbed
None of the above
Income of a minor will not be clubbed with his/her parent's income if
Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge
Child is illiterate
Parents are handicapped
the child does not give her consent
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
The CBDT consists of
One director & Two Members
One President & Seven Members
One Chairman & Six Members
None of the above.
A company is considered to be resident if
It is an Indian Company
During the previous year it's control and management is situated wholly in India
(a) & (b) both
Any of the above
Tax on fringe benefit has been introduced from the assessment year
2000-01
2006-07
2005-06
2004-05
Every employer should pay fringe benefit tax within
One month from the end of each quarter
One week from the end of each quarter
15 days from the end of each quarter
Last day of the quarter
YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income earned by the club from such letting-out will be chargeable under the head
Income from salary
Income from House Property
Income from Other Sources
Income from Business and Profession