Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Income from House Property

Articleship assessment test ICAI – MCQ

Articleship assessment test ICAI has commenced from September 2018 and is applicable for Student who have completed first or second year of Articleship.

Question 1:- 

Ajay transfers his house property to his minor married daughter for inadequate consideration. After such transfer who will be considered as the owner of such house property for tax property?

(a) Ajay

(b) Minor married daughter

(c) Both A & B equally

(d) None of the above




Question 2:- 

The rental income from a house property is considered under the Head ‘1 FHP’ when the building is used for:

(a) Residential purpose

(b) Business purpose

(c) Either A and/or B

(d) None of the above

Question 3:-

Aman, who is carrying on business has a property situated in Gurugram He lets out such property to Gurugram police department to locate their branch in order to run his business more efficiently. The rental income from such let out property would be taxed in the hands of Aman as ________________.

(a) Income from House Property

(b) Income from Business or Profession

(c) Income from Capital Gain

(d) Income from Other Sources

Question 4:-

When the income from letting of the property is inseparable from letting of assets, ________________.

(a) Entire income will be taxable as income from house property

(b) Entire income will be taxable as income from business or profession

(c) Part of the income will be taxable as income from house property and part of the income will be taxable as income from business or profession

(d) Entire income will be taxable as income from other sources

Question 5:-

If an owner charges both rent of the house property, as well as charges for other services provided along with the property, the entire rent is collectively known as _________________.

(a) Combined Rent

(b) Collective Rent

(c) Total Rent

(d) Composite Rent




Answers

  1. (b) Minor married daughter
  2. (c) Either A and/or B
  3. (b) Income from Business or Profession
  4. (b) Entire income will be taxable as income from business or profession
  5. (d) Composite Rent
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