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Free CTEP Exam Braindumps (page: 39)

Page 39 of 119
PDF with 472 Questions

X Ltd. has failed to remit the tax deducted at source from annual rent of Rs. 6,60,000 paid to Mr. A for its office building. The said rent is

  1. fully allowable as a business expenditure
  2. not allowable in view of Section 40(a)(I)
  3. allowable to the extent of 50%;
  4. none of the above

Answer(s): B



The interest payable for a housing loan outside India is not allowed as a deduction U/S 24 (1) while computing the income from house property. The given statement is

  1. True
  2. False
  3. Deduction allowed only to the limit of Rs. 1,50,000
  4. Deduction not allowed if the total value of the house if more than Rs. 4 million

Answer(s): A



As per Gift Tax Act of 1958, a gift in excess of _________ received by anyone who is not your blood relative is taxable.

  1. Rs.1,00,000
  2. Rs.75,000
  3. Rs.50,000
  4. Rs.30,000

Answer(s): D



The income of any university or other educational institution existing solely for educational purposes and not for the purposes of profit is exempt under clause (iiiad) of Section 10(23C) if the aggregate annual receipts' of such university or educational institution do not exceed

  1. Rs.100 crores
  2. Rs.1 crore
  3. Rs. 10 crores
  4. Rs. 10 lakhs

Answer(s): B



Page 39 of 119



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