hitechpathshala

Q. 1

Mr. Ashutosh purchased his first dream home in Bangalore on 16.8.2023. He applied for home loan of ₹ 40 lakhs from IDFC bank on 15.7.2023, the same was sanctioned by bank on 20.7.2023. The stamp duty value of the said house was ₹ 44 lakhs. The interest due on the said home loan is ₹ 3,75,000 for the financial year 2023-24. Due to liquidity issues, Mr. Ashutosh could only pay ₹ 3,26,000. Compute the total interest deduction Mr. Ashutosh can claim for the A.Y. 2024-25, assuming Mr. Ashutosh doesn’t opt for the tax rates under the new scheme.

₹ 3,26,000

₹ 2,00,000

₹ 3,75,000

₹ 3,50,000

Q. 2

Ms. Sheetal and her brother jointly own a bungalow. They had taken a housing loan to purchase the bungalow. The loan is sanctioned in the name of Ms. Sheetal and her brother in the year 2020. Interest on housing loan for the P.Y. 2023-24 amounted to ₹4,50,000 which is paid by Ms. Sheetal (₹2,25,000) and her brother (₹2,25,000). The bungalow is used by them for their residence. In this case, what will be the amount of deduction available under section 24(b) to Ms. Sheetal and her brother?

₹ 30,000 each

₹2,00,000 each

₹2,25,000 each

₹4,50,000 each

Q. 3

Mr. Akash is constructing a residential house property in Patna for self-occupation. He has taken a loan
of ₹ 40 lakhs from SBI on 30.3.2023 for this purpose. He pays interest of ₹ 2.50 lakhs during the P.Y.2023-
24. He repays ₹ 1.50 lakhs towards principal on 31.3.2024. The construction is completed in May, 2023. The stamp duty value of the house is ₹ 46 lakhs. This is the only house property of Mr. Akash. For A.Y. 2024-25-

Mr. Akash is entitled for deduction of ₹ 2 lakhs under section 24 and ₹ 1.50 lakhs under section 80C

Mr. Akash is entitled for deduction of ₹ 2 lakhs under section 24, ₹ 50,000 under section 80EEA and ₹ 1.50 lakhs under section 80C

Mr. Akash is neither entitled for deduction under section 24 nor under section 80C. He is, however, entitled for deduction of ₹ 1.50 lakhs under section 80EEA

Mr. Akash is not entitled for deduction under section 24, section 80C and section 80EEA

Q. 4

In respect of loss from house property, which of the following statements are correct?

While computing income from any house property, the maximum interest deduction allowable under section 24 is ₹ 2 lakhs

Loss from house property relating to a particular year can be set-off against income under any other head during that year only to the extent of ₹ 2 lakhs

The loss in excess of ₹ 2 lakh, which is not set-off during the year, can be carried forward for set-off against any head of income in the succeeding year(s)

All the above

Q. 5

Mr. Raghav has three houses for self-occupation. What would be the tax treatment for A.Y.2024-25 in respect of income from house property?

One house, at the option of Mr. Raghav, would be treated as self-occupied. The other two houses would be deemed to be let out.

Two houses, at the option of Mr. Raghav, would be treated as self-occupied. The other house would be deemed to be let out.

One house, at the option of Assessing Officer, would be treated as self-occupied. The other two houses would be deemed to be let out.

Two houses, at the option of Assessing Officer, would be treated as self-occupied. The other house would be deemed to be let out.

Q. 6

Mr. Virat has a house property in Chennai which he let out to Mr. Sumit. For acquisition of this house, Mr. Virat has taken a loan of ₹ 30,00,000 @10% p.a. on 1-4-2017. He has further taken a loan of ₹ 5 lakhs @12% p.a. on 1.7.2023 towards repairs of the house. He has not repaid any amount of loan so far. The amount of interest deduction u/s 24(b) to Mr. Virat for A.Y. 2024-25 if he opted for the provisions of section 115BAC is

₹ 2,00,000

₹ 2,30,000

₹ 3,45,000

₹ 3,60,000

Income from House Property..

Marks: 8