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    Question

    A property has Gross Annual Value ₹2,40,000. Municipal

    taxes paid ₹40,000. Standard deduction is 30%. What is the income from house property?
    A ₹1,40,000 Correct Answer Incorrect Answer
    B ₹1,68,000 Correct Answer Incorrect Answer
    C ₹2,00,000 Correct Answer Incorrect Answer
    D ₹1,82,000 Correct Answer Incorrect Answer

    Solution

    Net Annual Value = GAV – Municipal Taxes = ₹2,40,000 – ₹40,000 = ₹2,00,000 Less: Standard Deduction (30%) = ₹60,000 Income = ₹2,00,000 – ₹60,000 = ₹1,40,000

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