IFHP

Question 1

What is the CHARGING SECTION FOR IFHP?

Answer 1

Section 22

Question 2

Income will be taxable under IFHP if following two conditions are satisfied___

Answer 2

1) there should be a House property(4 walls and roof)
2) the assessee should be the owner

Question 3

LOP is ____

Answer 3

Taxable

Question 4

SOP(B) shall be _____

Answer 4

IGNORED

Question 5

Two SOP(R) will be _____

Answer 5

EXEMPT

Question 6

More than 2 SOP(R) shall be______

Answer 6

TAXABLE

Question 7

3rd SOP(R) shall be considered as ____

Answer 7

DLOP

Question 8

Section 24 is

Answer 8

DEDUCTION for house property

Question 9

Standard deduction is allowed at

Answer 9

30% of NAV

Question 10

GAV - MUNICIPAL TAXES PAID =

Answer 10

NAV (NET ANNUAL VALUE)

Question 11

Deduction for interest on loan is allowed when paid/outstanding?

Answer 11

Both is allowed

Question 12

Municipal tax if paid by owner is ALLOWED/ NOT ALLOWED?

Answer 12

Allowed

Question 13

Municipal tax if paid by tenant is ALLOWED/ NOT ALLOWED?

Answer 13

Not Allowed

Question 14

Municipal tax if paid is ALLOWED/ NOT ALLOWED?

Answer 14

Allowed

Question 15

Municipal tax if OUTSTANDING is ALLOWED/ NOT ALLOWED?

Answer 15

Not Allowed

Question 16

Deduction for Other expenses is allowed/not allowed?

Answer 16

Not allowed (since there is a standard deduction @30%)

Question 17

Municipal tax is also called as____

Answer 17

Property Tax
Water Tax
Sewerage Tax
Local Tax
Corporation Tax

Question 18

Loan should be taken for ______

Answer 18

PURCHASE, CONSTRUCTION, REPAIRS AND RENOVATION

Question 19

Interest/ unpaid interest shall be ALLOWED/NOT ALLOWED?

Answer 19

NOT ALLOWED

Question 20

Interest on a fresh loan taken to repay origin loan shall be ALLOWED/NOT ALLOWED provided that original loan was taken for house property

Answer 20

Allowed

Question 21

Interest paid outside India without deducting TDS shall be___

Answer 21

Not Allowed
(Under section 25)

Question 22

For LOP/ DLOP limit on interest on loans is ___

Answer 22

NO LIMIT

Question 23

Limit on interest on loan taken for SOP(R) for purchase or construction

Answer 23

Before 1st April 1999 - maximum ₹30,000
On or after 1st April 1999 - maximum ₹ 2,00,000

Question 24

Limit on interest on loan taken for SOP(R) for REPAIRS/RENOVATION

Answer 24

Maximum ₹ 30000

Question 25

Rent which cannot be recovered from tenant by the owner is ___

Answer 25

UNREALISED RENT

Question 26

UNREALISED RENT is allowed/not allowed as deduction?

Answer 26

Allowed

Question 27

If rent p.a. / p.m. is given then ___

Answer 27

Deduct the unrealised rent

Question 28

4 conditions as per Rule 4 of IT RULES for allowing unrealised rent as deduction:-

Answer 28

1)tenancy should be bonafide 2)defaulting tenant should vacate the house property or steps must be taken to vacate HP 3)The defaulting tenant should not be in possession of any HP 4) Owner should Institute legal proceedings

Question 29

Section 25A is about

Answer 29

Recovery of unrealised rent/Arrears of rent recd.

Question 30

Recovery Amt less ______ = taxable amt

Answer 30

Standard deduction @30%

Question 31

Muicipal Rent Fair Rent

Answer 31

Whichever is higher

Question 32

Whichever is higher Standard rent

Answer 32

Whichever is lower/expected rent

Question 33

Expected rent Annual letting value

Answer 33

Whichever is higher (ie Annual Rent)

Question 34

In DLOP Annual rent is ___

Answer 34

Nil

Question 35

In case of PARTLY LET OUT PROPERTY, all values should be divided between LOP portion & SOP(F) except____

Answer 35

Actual rent (since it is always for LOP Portion)

Question 36

In VACANCY, IF ARR+VACANCY greater than Or equal to ER then,

Answer 36

GAV= ARR

Question 37

In VACANCY, IF ARR+VACANCY less than ER then,

Answer 37

GAV= ER - VACANCY

Question 38

When will the Preconstruction period START?

Answer 38

It will start from the date of loan taken or date of starting construction **whichever is later**

Question 39

When will the Preconstruction period END?

Answer 39

It will end BEFORE the year in which construction is completed

Question 40

Section 26 is about

Answer 40

Co ownership

Question 41

In CO OWNERSHIP, Limit on interest on loans for LOP/DLOP is ____

Answer 41

No limit

Question 42

In CO OWNERSHIP, Limit on interest on loans for SOP(R) is ____

Answer 42

Max ₹30000 / ₹ 200000 × no. of co owners

Question 43

Deemed OWNERS is u/s ____

Answer 43

SEC 27