56. Which of the following is not a case of deemed ownership of house property?
Transfer to a spouse for inadequate consideration
Transfer to a minor child for inadequate consideration
Holder of an importable estate
Co-owner of a property
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57. Interest on capital borrowed for acquisition or construction of the property is deductible subject to limit___________of per year if capital is borrowed on or after 1-04-1999. This is allowable if acquisition or construction is completed within 3 years from the end of the financial year in which loan was taken.
58. For a self-occupied house property occupied on 1.7.2016, for which housing loan was availed, if the interest up to 31.3.2016 is ` 90,000 and thereafter the interest payable is ` 3,000 p.m., the deduction available under section 24 in respect of interest for the year ended 31.3.2017 is_____________.
None of the above
59. If an assesses earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is____________.
Exempted under Section 10
Taxable under the head income from house property
Taxable as business income, as the letting out is a commercial activity
Taxable as income from other sources
60. An assesses, after sale of house property, receiving arrears of rent (is/is not) chargeable to tax; the same computed in the stipulated manner, is chargeable to tax as____________.
Income from House Property
Income from Other Sources
Either (a) or (b)
Neither (a) nor (b)
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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