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Taxation of Rental Income: Computation and Assessment

This quiz tests understanding of rental income taxation in India under Income from House Property, including computation, deductions, TDS, and compliance requirements under updated Finance (No. 2) Act 2024 and upcoming Income Tax Act 2025.

14 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

In India, rental income is taxed under which head of income?

  1. Income from House Property
  2. Income from Business or Profession
  3. Income from Capital Gains
  4. Income from Other Sources
Question 2 Multiple Choice (Single Answer)

What is the basic exemption limit for rental income in India?

  1. ₹2,50,000
  2. ₹3,00,000
  3. ₹4,00,000
  4. ₹5,00,000
Question 3 Multiple Choice (Single Answer)

How is the net annual value (NAV) of a property calculated for the purpose of taxation?

  1. Gross rental income - Municipal taxes
  2. Gross rental income - Interest on housing loan
  3. Gross rental income - Depreciation
  4. Gross rental income - Repairs and maintenance expenses
Question 4 Multiple Choice (Single Answer)

What is the standard deduction allowed on rental income?

  1. 30%
  2. 25%
  3. 20%
  4. 15%
Question 5 Multiple Choice (Single Answer)

Can interest paid on a housing loan be claimed as a deduction from rental income?

  1. Yes
  2. No
  3. Only if the loan is taken for the construction of a new property
  4. Only if the loan is taken for the purchase of a property
Question 6 Multiple Choice (Single Answer)

What is the rate of depreciation allowed on a residential property?

  1. 5%
  2. 10%
  3. 15%
  4. 20%
Question 7 Multiple Choice (Single Answer)

Can depreciation be claimed on a property that is self-occupied?

  1. Yes
  2. No
  3. Only if the property is rented out for a part of the year
  4. Only if the property is used for commercial purposes
Question 8 Multiple Choice (Single Answer)

What is the tax rate applicable to rental income?

  1. Slab rates as per the individual's income tax slab
  2. Flat rate of 30%
  3. Flat rate of 20%
  4. Flat rate of 10%
Question 9 Multiple Choice (Single Answer)

Is there any additional tax liability if the rental income exceeds a certain limit?

  1. Yes, surcharge is applicable if the rental income exceeds ₹50 lakhs
  2. Yes, cess is applicable if the rental income exceeds ₹1 crore
  3. Yes, both surcharge and cess are applicable
  4. No, there is no additional tax liability
Question 10 Multiple Choice (Single Answer)

What is the due date for filing the income tax return for rental income?

  1. July 31st
  2. August 31st
  3. September 30th
  4. October 31st
Question 11 Multiple Choice (Single Answer)

Can losses from rental income be set off against other heads of income?

  1. Yes, losses can be set off against income from other heads
  2. No, losses cannot be set off against income from other heads
  3. Losses can be set off only against income from house property
  4. Losses can be set off only against income from business or profession
Question 12 Multiple Choice (Single Answer)

What is the time limit for carrying forward and setting off losses from rental income?

  1. 4 years
  2. 5 years
  3. 6 years
  4. 8 years
Question 13 Multiple Choice (Single Answer)

Is there any specific exemption available for rental income from a newly constructed property?

  1. Yes, exemption is available for 2 years from the date of completion
  2. Yes, exemption is available for 3 years from the date of completion
  3. Yes, exemption is available for 5 years from the date of completion
  4. No, there is no specific exemption available
Question 14 Multiple Choice (Single Answer)

What is the impact of GST on rental income?

  1. GST is applicable on rental income
  2. GST is not applicable on rental income
  3. GST is applicable only on rental income from commercial properties
  4. GST is applicable only on rental income from residential properties
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