CS Executive Tax Laws MCQs from House Property asked by ICSI in previous papers


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Deep Gyan is the owner of a house property covered under the Rent Control Act. Municipal value ₹ 30,000, actual rent ₹ 25,000, fair rent ₹ 36,000 and standard rent is ₹ 28,000. The gross annual value of the house property will be:

Deep Gyan owns a house property in Delhi which he wants to give on rent. He seeks your help to determine the reasonable expected rent when monthly municipal value is ₹ 20,000, fair rent ₹ 25,000, and standard rent ₹ 22,000. The reasonable expected rent will be computed with reference to the following amount p.m.

The municipal value of a property is ₹ 2,10,000. Fair rent is ₹ 1,90,000 standard rent is ₹ 1,80,000 and the actual rent is Rs. 2,40,000. The gross annual value of the property would be –

Deep Gyan owns two house properties. The first property was used half for running his business and the other half was let out at ₹ 4,000 p.m. The second property was wholly used as a residence by Deep Gyan. Municipal values of the two properties were the same at ₹ 72,000 each p.a. and local taxes @ 10%. Deep Gyan’s income from house property for the PY 2021-22 will be:

Deep Gyan let out his house on 1.4.2020 on rent of ₹ 15,000 p.m. The fair rent and the municipal value of the house are ₹ 13,500 p.m. and ₹ 16,000 p.m. respectively. Municipal taxes paid for the year were ₹ 12,000. Income from house property for the AY 2022-23 will be:

When a house property is let-out throughout the year for a monthly rent of ₹ 22,000 and municipal tax paid for the current year is ₹ 24,000 and for the earlier year paid now is ₹ 16,000, the income from house property would be

Deep Gyan let out a property for ₹ 20,000 per month during the year 2021-22. The municipal tax on the let-out property was enhanced retrospectively. Hence, she paid Rs. 60,000 as municipal tax which included arrears of municipal tax of ₹ 45,000. Her income from house property is:

Mr. Deep Gyan owns a flat in Mumbai which was let out by him in the previous year 2021-2022 on rent of ₹ 20,000 p.m. up to December 2021 for ₹ 30,000 p.m. thereafter. The annual municipal value is ₹ 3,00,000, Fair Rent is ₹ 2,50,000 and Standard Rent is ₹ 2,90,000. The Gross Annual Value of the flat shall be taken as:

What will be the Gross Annual Value (GAV) of a house owned by Deep Gyan covered by Rent Control Act remained let out during the year 2021-22 of which:

(i) Municipal value is ₹ 3,50,000
(ii) Actual (De Facto) Rent is ₹ 3,20,000
(iii) Fair Rent is ₹ 3,00,000, and
(iv) Standard Rent is ₹ 3,60,000

Composite rent of let-out house property is taxable as:

When a share of each co-owner in house property is not definite, the income from such property shall be:

When a house property is let out for a monthly rent of ₹ 25,000 during the financial year 2021-22 and maintenance expenses by way of salary to sweeper and watchman is ₹ 6,000 per month, the income from house property would be:

The construction of a house was completed on 31st January 2022. The owner of the house took a loan of ₹ 20,00,000 @ 6% p.a. on 1st May 2021. In this case the deduction allowable for the previous year 2021-22 towards interest on borrowings is:

Mr. Deep Gyan acquired a property in April 2021 for self-residential use. The loan interest payable to the State Bank of India for the financial year 2021-22 amounts to ₹ 2,20,000. The amount eligible for deduction under section 24 is:

Deep Gyan borrowed ₹ 5,00,000 @ 12% p.a. on 1.4.2017 for construction of house property which was completed on 15.3.2021. The amount is still unpaid. The deduction of interest for previous year 2021-2022 shall be:

Deep Gyan purchased in October 2021, a flat in Chennai, to be used for his own residential purposes with the financial assistance of a housing loan taken from PNB Housing Finance Ltd. He has paid interest on such loan till March 2022 of ₹ 1,78,780. The amount of interest paid on such loan allowed u/s 24 is:

Deep Gyan purchased in October 2021 with financial assistance by way of a housing loan provided by PNB Housing Finance Ltd. a flat in Chennai to be used exclusively for his own residential purposes. Interest on the housing loan till March 2022 paid by him was ₹ 2,18,780. He wants to know the amount of deduction to be available to him in respect of interest so paid on the housing loan while computing his income or A. Y. 2022-23.

Mr. Deep Gyan transferred his let out residential property to his wife by way of gift settlement. During the financial year 2021-22, she earned a rental income of ₹ 30,000 per month. She made a fixed deposit in a bank out of such rental income and earned interest income during the year of ₹ 21,000. The total amount of income liable for clubbing in the hands of Mr. Deep Gyan for the assessment year 2022-23 is:

Find out from the following income derived from house property which is being exempt from Income Tax:

Deep Gyan, engaged in retail trade, let out his fully furnished house with lift, air conditioners, fridge, security staff, and gardener at a rent of ₹ 1,00,000 per month. The agreement did not provide for separate rent for various facilities but is a composite agreement. The amount received by him would be chargeable to tax under the head:

House owned by Deep Gyan was sold on 1st January 2022 and till the date of sale, the house was on rent of ₹ 7,000 p.m. The other relevant details of this house are

(i) municipal value ₹ 72,000 p.a.
(ii) fair rent ₹ 66,000 p.a.
(iii) standard rent ₹ 60,000 p.a.

The income chargeable under the head House Property in A.Y. 2022-23 of this house shall be:

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