Under the Income Tax Act, if a house property is self-occupied, what is the Annual Value of that property?
A. The actual rent received
B. The fair rent of the property
C. The municipal valuation of the property
D. Nil (Zero)
Answer: Option D
Solution (By JKSSB Mock Tests)
Under Section 23(2) of the Income Tax Act, if a house property is used for the owner's own residence (self-occupied), its Annual Value is taken as Nil (Zero).
Explanation:
Internal audit is a continuous, ongoing appraisal system by the management. It is conducted by internal audit staff, not the statutory (external) auditor, who conducts the annual financial audit. A is true, R is false.
Explanation:
An individual's residential status for tax purposes is determined by their period of stay in India during the relevant financial year, irrespective of citizenship.
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