8/29/2019 Topic No.

1 Income from House Property

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Question 1 X is the owner of a house. The annual value of the house is Rs. 10,000/-
Not answered which has been let out on a monthly rent of Rs. 1,000/-. Following
Marked out of expenses have been incurred in connection with the house:
1.00
(a) Municipal Tax Rs.1,000/-
(b) Collection charges Rs. 800/-
(c) Annual charges on property Rs. 1,000/-

House remained vacant for a month during the previous year. Calculate

the taxable income from property for the AY 2011-12

Select one:
a. Rs 6700

b. Rs 10,000

c. Rs 7000

d. Nil

The correct answer is: Rs 7000

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8/29/2019 Topic No. 1 Income from House Property

Question 2 Mr. Navin is the owner of three house properties in Mumbai, particulars
Not answered in respect of which for the year ended 31.3.2011 are as follows:
Marked out of
Particulars House - 1 House -II House -III
1.00
Construction started on 1st April 1993 1st Aug 1993 1st July 198
31st Dec
Construction completed on 1994 31st Jan 1994 31st Dec 19
Actual Rent Received (Rs) (pa) 35000 19000 Self Occupi
Standard Rent 45000 40000 NA
Municipal Value 60000 19000 27800
Municipal taxes (paid by
owner) 6000 1900 12000
Cost of repairs (borne by
tenant) 1000 7000
Collection Charges 1500 1300
Insurance Premium 1000 (paid) 1200 (not paid) 2600 (paid)
Interest on Loan taken for the
renovation of house 2400 3000 6000
Un Realized Rent allowed in
past but recovered during the
year 2000
Mr. Navin resided in Delhi for three months during the previous year in
connection with his business and for all these months the house
remained vacant. During the period of his stay in Mumbai he did not
occupy any other house of his own. Compute his “income from house
property” for AY 2011-12

Select one:
a. Rs 27,870

b. Rs 29,870

c. Rs 19,070

d. Rs 35,870

The correct answer is: Rs 29,870

Question 3 Mr. Raju owns a house at Chennai whose municipal value is Rs.60,000/-
Not answered and fair rent is Rs. 72,000/- p.a.. During the previous year 2010-11 the
Marked out of house was vacant from 1.4.2010 to 30.6.2010 It was let out for residential
1.00 purposes on 1.7.2010 at a monthly rent of Rs. 7,500/-. He incurs the
following expenditures in respect of the house property.
Municipal taxes Rs. 18,000/-. Repairs Rs. 12,000/-; fire insurance premium
Rs. 10,000/-; land revenue Rs. 4,000/- and ground rent Rs. 4,000/- were
paid during the tear. A loan of Rs. 1,35,000/- was taken on 1.4.2000 @
10% p.a. for the construction of the house which was completed on
21.3.2005 Nothing was repaid on loan account so far. Find out his taxable
income from house property for AY 2011-12

Select one:
a. Rs 39,600

b. Rs 34,650

c. Rs 21,150

d. Rs 24,300

The correct answer is: Rs 21,150

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8/29/2019 Topic No. 1 Income from House Property

Question 4 Mr.Ranjit owns a house property in Kolkata which was self-occupied by

Not answered him till 31.7.2010. Thereafter it was let out at a monthly rent of Rs.
Marked out of 12,000/-. During the year the assessee has paid Rs.1, 80,000/- as
1.00 municipal taxes which includes Rs. 1, 50,000/- paid in advance for
subsequent years. The other particulars of the house property are as
follows:
Details  Amount Rs.
---------- ----------------
Repairs  5,000/-
Insurance premium paid 3,000/-
Ground rent due  1,500/-

Compute his income under the head ‘house property’

Select one:
a. Income of Rs 41,000

b. Loss of Rs 41,000

c. Loss of Rs 84,000

d. Income of Rs 36,000

The correct answer is: Income of Rs 36,000

Question 5 Mr. Bhosle owns a residential house in Pune. The house is having two
Not answered units. First unit of the house is self occupied by him and another unit is
Marked out of rented for Rs. 8,000/- p.m. The rented unit was vacant for 2 months
1.00 during the year. The particulars of house for the previous year 2010-11
are as under:
Standard rent Rs. 1,62,000/- p.a.
Municipal valuation Rs. 1,90,000/- p.a.
Fair rent  Rs.1,85,000/- p.a.
Municipal tax  15% of municipal valuation
Light and water charges  Rs. 500/- p.m.
Interest on borrowed capital Rs. 1,500/- p.m. 
Lease money Rs. 1,200/- p.a.
Insurance charges  Rs. 3,000/- p.a.
Repairs Rs. 12,000/- p.a.
Compute the income from house property of Mr. Bhosle for AY 2011-12
and assume that both the units have the same area.

Select one:
a. More information needed to calculate the same

b. Rs 37,025

c. Rs 28025

d. Rs 46,025

The correct answer is: Rs 28025

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8/29/2019 Topic No. 1 Income from House Property

Question 6 Mr. Arjun commenced construction of a residential house intended

Not answered exclusively for his residence, on 1.11.2009 He raised a loan of Rs.5, 00,000/-
Marked out of at 16% interest for the purpose of construction on 1.11.2009 Finding that
1.00 there was an over-run in the cost of construction, he raised a further loan
of Rs. 8, 00,000/- at the same rate of interest on 1.10.2010 What is the
interest allowable u/s 24 assuming that the construction was completed as
on 31.03.2011?

Select one:
a. 1,13,333

b. Rs 1,44,000

c. Rs 1,50,000

d. Rs 1,50,667

The correct answer is: Rs 1,50,667

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