AIBE XVI — October 2021 — Q.65 (Income Tax Act, 1961)

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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 Pick up IT Act.
2 Go to Section 24 — Deductions from income from house property.
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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