examples: 7:30 We may say "семь тридцать", "тридцать минут восьмого/ половина восьмого" (тридцать минут/половина чего? (genetive case) 7:35 "семь тридцать пять", "без двадцати пяти восемь" 7:40 "семь сорок", "без двадцати восемь" 7:45 "без пятнадцати восемь" and so on

It means "What time it is now", if to translate it word to word - "What hour is it". Answer will be same for both questions. Like in English and I think in many languages, there are many ways to ask tgis question. And your answer will be current time, if you know it ofcourse.