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DIRECT TAX > IFHP > Flashcards

IFHP Flashcards

1
Q

What is the CHARGING SECTION FOR IFHP?

A

Section 22

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2
Q

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

A

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

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3
Q

LOP is ____

A

Taxable

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4
Q

SOP(B) shall be _____

A

IGNORED

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5
Q

Two SOP(R) will be _____

A

EXEMPT

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6
Q

More than 2 SOP(R) shall be______

A

TAXABLE

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7
Q

3rd SOP(R) shall be considered as ____

A

DLOP

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8
Q

Section 24 is

A

DEDUCTION for house property

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9
Q

Standard deduction is allowed at

A

30% of NAV

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10
Q

GAV - MUNICIPAL TAXES PAID =

A

NAV (NET ANNUAL VALUE)

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11
Q

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

A

Both is allowed

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12
Q

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

A

Allowed

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13
Q

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

A

Not Allowed

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14
Q

Municipal tax if paid is ALLOWED/ NOT ALLOWED?

A

Allowed

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15
Q

Municipal tax if OUTSTANDING is ALLOWED/ NOT ALLOWED?

A

Not Allowed

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16
Q

Deduction for Other expenses is allowed/not allowed?

A

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

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17
Q

Municipal tax is also called as____

A

Property Tax
Water Tax
Sewerage Tax
Local Tax
Corporation Tax

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18
Q

Loan should be taken for ______

A

PURCHASE, CONSTRUCTION, REPAIRS AND RENOVATION

19
Q

Interest/ unpaid interest shall be ALLOWED/NOT ALLOWED?

A

NOT ALLOWED

20
Q

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

A

Allowed

21
Q

Interest paid outside India without deducting TDS shall be___

A

Not Allowed
(Under section 25)

22
Q

For LOP/ DLOP limit on interest on loans is ___

A

NO LIMIT

23
Q

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

A

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

24
Q

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

A

Maximum ₹ 30000

25
Q

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

A

UNREALISED RENT

26
Q

UNREALISED RENT is allowed/not allowed as deduction?

A

Allowed

27
Q

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

A

Deduct the unrealised rent

28
Q

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

A

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

29
Q

Section 25A is about

A

Recovery of unrealised rent/Arrears of rent recd.

30
Q

Recovery Amt less ______ = taxable amt

A

Standard deduction @30%

31
Q

Muicipal Rent
Fair Rent

A

Whichever is higher

32
Q

Whichever is higher
Standard rent

A

Whichever is lower/expected rent

33
Q

Expected rent
Annual letting value

A

Whichever is higher (ie Annual Rent)

34
Q

In DLOP Annual rent is ___

A

Nil

35
Q

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

A

Actual rent (since it is always for LOP Portion)

36
Q

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

A

GAV= ARR

37
Q

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

A

GAV= ER - VACANCY

38
Q

When will the Preconstruction period START?

A

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

39
Q

When will the Preconstruction period END?

A

It will end BEFORE the year in which construction is completed

40
Q

Section 26 is about

A

Co ownership

41
Q

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

A

No limit

42
Q

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

A

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

43
Q

Deemed OWNERS is u/s ____

A

SEC 27

DIRECT TAX (3 decks)

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