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Q.65
Taxation Law Medium Act + Section Given
Bare Act Income Tax Act, 1961 · Section 24

Amount of deduction under section 24 of The Income Tax Act from annual value is-

A 1/2 of Annual Value
B 1/3 of Annual Value
✓ 3/10 of Annual Value Answer
D 17/10 of Annual Value
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Explanation & Strategy

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Section 24 of the Income Tax Act allows deduction of 30% of net annual value as a standard deduction from income from house property, plus interest on borrowed capital (subject to limits). For self-occupied property, the interest deduction is capped at Rs. 2 lakh.

  1. 1 Pick up IT Act.
  2. 2 Go to Section 24 — Deductions from income from house property.
  3. 3 Read: standard deduction of 30% of NAV + interest on borrowed capital.
At a Glance
Subject Taxation Law
Difficulty Medium
Act Income Tax Act, 1961
Section Section 24
Answer (C) Act + Section Given
Paper AIBE XVI — October 2021
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📖 Open Book — Reading Mode Income Tax Act, 1961