Asset Allocation Quiz
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Questions and Answers

What were Krishna's immediate goals for investing?

  • Invest in derivatives and private equity
  • Compare car loans and start a retirement fund
  • Purchase a car and buy a house
  • Buy insurance coverage and build an emergency fund (correct)

    • How did Krishna plan to fund the down payment for buying a house?

  • Use his portfolio savings (correct)
  • Sell his investment portfolio
  • Rely on his emergency fund
  • Borrow money from friends

    • What was Krishna's short-term objective regarding his emergency fund?

  • To have a buffer of two months' pay (correct)
  • Not mentioned in the text
  • To have a buffer of six months' pay
  • To have a buffer of one month's pay

    • Before borrowing money for a car, what did Krishna plan to do?

    <p>Compare interest rates on car loans</p> Signup and view all the answers

    What amount did Krishna budget toward his marriage expenses?

    <p>INR500,000</p> Signup and view all the answers

    Which investment choices did Krishna consider for his portfolio?

    <p>Derivatives, private equity, and hedge funds</p> Signup and view all the answers

    What is the maximum deduction allowed towards medical insurance premium of parents if both parents are senior citizens?

    <p>INR30,000</p> Signup and view all the answers

    Under Section 24, what is the maximum deduction allowed on interest paid for a self-occupied property?

    <p>INR200,000</p> Signup and view all the answers

    What is the maximum deduction permitted under Section 24 if a home loan is taken for a property that is not self-occupied?

    <p>No maximum limit</p> Signup and view all the answers

    In which financial year did the new proposal under section 80EE provide additional tax deduction for first-time homebuyers?

    <p>2016-2017</p> Signup and view all the answers

    What is the maximum deduction permitted under Section 80EE for first-time homebuyers on home loan interest payments?

    <p>INR50,000</p> Signup and view all the answers

    If a taxpayer has availed a home loan for repair works or reconstruction, what is the maximum deduction permitted per financial year under Section 24?

    <p>INR30,000</p> Signup and view all the answers

    Based on the allocation percentages provided, which portfolio is the most aggressive in terms of equity exposure?

    <p>Allocation Equity—80% Fixed income—20%</p> Signup and view all the answers

    According to the expected return percentages, which portfolio is expected to provide the highest return?

    <p>Allocation Equity—80% Fixed income—20%</p> Signup and view all the answers

    Considering Krishna's Personal Financial Plan, how much is the Gross Annual Salary?

    <p>INR1,150,000</p> Signup and view all the answers

    What is the percentage of the fixed income component in the 'Very conservative' portfolio?

    <p>100%</p> Signup and view all the answers

    From the assumed increase and expenses section, what does assumption 2 refer to?

    <p>Professional tax @ 2,500 p.a.</p> Signup and view all the answers

    Which component represents a variable expense in Krishna's Personal Financial Plan?

    <p>Bonus</p> Signup and view all the answers

    What is the maximum total amount that can be claimed for deductions under sections 80C, 80CCD (1), and 80CCC for the financial year 2017-18?

    <p>INR150,000</p> Signup and view all the answers

    For which type of disability can up to INR150,000 be deducted under Section 80DD?

    <p>80% disability</p> Signup and view all the answers

    What is the maximum deduction a very senior citizen (above 80 years) can claim under Section 80DDB for specified critical diseases?

    <p>INR80,000</p> Signup and view all the answers

    Under which section can an individual claim tax deductions if they are physically or mentally challenged?

    <p>Section 80U</p> Signup and view all the answers

    How much can be deducted towards medical insurance premium for senior citizens (above 60 years) under Section 80D?

    <p>INR30,000</p> Signup and view all the answers

    What is the minimum disability percentage required for claiming deductions under Section 80DD?

    <p>40%</p> Signup and view all the answers

    What type of contributions are not allowed for deductions according to the text?

    <p>Contributions made in kind</p> Signup and view all the answers

    Under which act must a political party be registered to qualify for deductions as mentioned in the text?

    <p>Representation of the People Act, 1951</p> Signup and view all the answers

    What is the maximum amount that can be claimed for income received through patent royalty under the Patents Act 1970?

    <p>INR300,000</p> Signup and view all the answers

    Who must hold the patent to claim income under Section 80RRB as per the text?

    <p>A resident of India</p> Signup and view all the answers

    Which of the following is NOT an allowable manner for contributions to political parties as per the text?

    <p>Through bank transfer</p> Signup and view all the answers

    In which year should a patent be registered to qualify for claiming income under the Patents Act 1970?

    <p>2003</p> Signup and view all the answers

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