Q. Which of the following deductions is available for interest paid on housing loans?
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A.
Section 80C
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B.
Section 80D
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C.
Section 24(b)
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D.
Section 10
Solution
Deduction for interest paid on housing loans is available under Section 24(b).
Correct Answer:
C
— Section 24(b)
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Q. Which of the following is a criterion for determining the residential status of an individual?
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A.
Duration of stay
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B.
Income level
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C.
Age
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D.
Occupation
Solution
The duration of stay in India is a key criterion for determining the residential status of an individual.
Correct Answer:
A
— Duration of stay
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Q. Which of the following is considered as a taxable income?
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A.
Gifts received from relatives
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B.
Interest on savings account
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C.
Inheritance
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D.
Scholarship
Solution
Interest on savings account is considered taxable income under the Income Tax Act.
Correct Answer:
B
— Interest on savings account
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