30 Questions
What were Krishna's immediate goals for investing?
Buy insurance coverage and build an emergency fund
How did Krishna plan to fund the down payment for buying a house?
Use his portfolio savings
What was Krishna's short-term objective regarding his emergency fund?
To have a buffer of two months' pay
Before borrowing money for a car, what did Krishna plan to do?
Compare interest rates on car loans
What amount did Krishna budget toward his marriage expenses?
INR500,000
Which investment choices did Krishna consider for his portfolio?
Derivatives, private equity, and hedge funds
What is the maximum deduction allowed towards medical insurance premium of parents if both parents are senior citizens?
INR30,000
Under Section 24, what is the maximum deduction allowed on interest paid for a self-occupied property?
INR200,000
What is the maximum deduction permitted under Section 24 if a home loan is taken for a property that is not self-occupied?
No maximum limit
In which financial year did the new proposal under section 80EE provide additional tax deduction for first-time homebuyers?
2016-2017
What is the maximum deduction permitted under Section 80EE for first-time homebuyers on home loan interest payments?
INR50,000
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?
INR30,000
Based on the allocation percentages provided, which portfolio is the most aggressive in terms of equity exposure?
Allocation Equity—80% Fixed income—20%
According to the expected return percentages, which portfolio is expected to provide the highest return?
Allocation Equity—80% Fixed income—20%
Considering Krishna's Personal Financial Plan, how much is the Gross Annual Salary?
INR1,150,000
What is the percentage of the fixed income component in the 'Very conservative' portfolio?
100%
From the assumed increase and expenses section, what does assumption 2 refer to?
Professional tax @ 2,500 p.a.
Which component represents a variable expense in Krishna's Personal Financial Plan?
Bonus
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?
INR150,000
For which type of disability can up to INR150,000 be deducted under Section 80DD?
80% disability
What is the maximum deduction a very senior citizen (above 80 years) can claim under Section 80DDB for specified critical diseases?
INR80,000
Under which section can an individual claim tax deductions if they are physically or mentally challenged?
Section 80U
How much can be deducted towards medical insurance premium for senior citizens (above 60 years) under Section 80D?
INR30,000
What is the minimum disability percentage required for claiming deductions under Section 80DD?
40%
What type of contributions are not allowed for deductions according to the text?
Contributions made in kind
Under which act must a political party be registered to qualify for deductions as mentioned in the text?
Representation of the People Act, 1951
What is the maximum amount that can be claimed for income received through patent royalty under the Patents Act 1970?
INR300,000
Who must hold the patent to claim income under Section 80RRB as per the text?
A resident of India
Which of the following is NOT an allowable manner for contributions to political parties as per the text?
Through bank transfer
In which year should a patent be registered to qualify for claiming income under the Patents Act 1970?
2003
Test your knowledge on asset allocation strategies based on different portfolio compositions and expected returns. Determine the appropriate mix of equity and fixed income investments to achieve financial goals. Source: Created by author.
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