Income Tax Act 1961: Section 17(2) and Income from House Property

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What is the lowest tax exemption you can claim for HRA under Section 10 (13A) of the I-T Act, 1961?

Actual rent paid per month minus 10% of your annual salary

Under Section 10 (14(ii)) of the I-T Act, 1961, what is the maximum tax exemption for Conveyance Allowance?

₹1,600 per month

How many leisure trips can you claim tax benefits against Leave Travel Allowance (LTA) in a block of 4 calendar years?

2 leisure trips

What is Medical Allowance primarily intended to help employees meet?

<p>Medical expenses</p> Signup and view all the answers

Which component of compensation can be used to pay for personal travel expenses?

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

In which situation would the tax exemption for HRA be higher?

<p>Living in a metro city with a high basic salary</p> Signup and view all the answers

What type of income does the second head of income, 'INCOME FROM HOUSE PROPERTY', cover?

<p>Rental income</p> Signup and view all the answers

How is vacant residential property treated for income tax purposes?

<p>As a self-occupied property</p> Signup and view all the answers

Which of the following deductions can be availed under the head of 'Income from House Property'?

<p>Deduction for home loan interest payment</p> Signup and view all the answers

What is the purpose of standard deduction under the head of 'Income from House Property'?

<p>To decrease taxable income</p> Signup and view all the answers

When does a taxpayer have to pay a 10% TDS on rent?

<p>If the rent value is more than the specified limit</p> Signup and view all the answers

Which section of the Income Tax Act, 1961, covers the income head of house property in great detail?

<p>Sections 22 to 27</p> Signup and view all the answers

What is a condition that must be fulfilled for income to be taxable under the head of house property?

<p>The property owner must use the property solely for residency.</p> Signup and view all the answers

Under the head of house property, what type of assets can be considered as taxable income?

<p>Buildings and land appurtenant, among others.</p> Signup and view all the answers

What is the maximum tax rate applicable for long-term capital gains on investments held for 3 years or more?

<p>20%</p> Signup and view all the answers

Which of the following is a way to calculate profit under the head of income from profits and gains of business/profession?

<p>Subtract expenses from total revenue.</p> Signup and view all the answers

Which of the following is not eligible for an exemption under the head of capital gains?

<p>Short-term capital gains.</p> Signup and view all the answers

What do individuals need to do to ensure their income from house property is taxable?

<p>Use the property solely for residency.</p> Signup and view all the answers

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