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      Question

      How much deduction under section 24(a) of Income Tax Act

      is allowable with respect to Income under the head house property?
      A 20% of NAV Correct Answer Incorrect Answer
      B 30% of NAV Correct Answer Incorrect Answer
      C 50% of NAV Correct Answer Incorrect Answer
      D 10% of NAV Correct Answer Incorrect Answer

      Solution

      DEDUCTIONS FROM ANNUAL VALUE [SECTION 24]:

      • 30% of NAV is allowed as deduction under section 24(a)
      • Interest on borrowed capital is allowed as deduction u/s 24(b)

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