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Case study on IT Slabs & exemptions (both interest and principal repayment)?
1. Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19?
a. Rs 2,00,000
b. Rs 2,50,000
c. Rs 3,00,000
d. Rs 5,00,000
2. Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19?
a. Rs 2,00,000
b. Rs 2,50,000
c. Rs 3,00,000
d. Rs 5,00,000
3. Income Tax Slabs for Senior Citizens (80 Years Old Or More) for FY 2018-19?
a. Rs 2,00,000
b. Rs 2,50,000
c. Rs 3,00,000
d. Rs 5,00,000
4. An Individual can claim tax benefits on the principal repayment of a housing loan maximum to an amount of ......
a. Rs 1,00,000
b. Rs 1,50,000
c. Rs 2,00,000
d. Rs 2,50,000
5. An Individual can claim tax benefits on the Interest payment of a housing loan under Section 24(b) maximum to an amount of ......
a. Rs 1,00,000
b. Rs 1,50,000
c. Rs 2,00,000
d. Rs 2,50,000
6. If the housing loan is availed by two or more persons, each of them is eligible to claim a deduction on the interest paid upto ......
a. Rs 1,50,000 each
b. Rs 1,50,000 both together
c. Rs 2,00,000 each
d. Rs 2,00,000 both together
7. If you are a first-time homebuyer, you can claim additional tax deduction of up to ...... on the Interest payment per financial year under section 80EE of the Act, provided you fulfil certain conditions
a. Rs 25,000
b. Rs 50,000
c. Rs 1,00,000
d. Rs 1,50,000
8. For the let-out house, you can claim deductions on ...... (i) Principal repayment, (ii) Interest payment
a. Only (i)
b. Only (ii)
c. Either (i) or (ii)
d. Both (i) and (ii)
Answers :
1-b, 2-c, 3-d, 4-b, 5-c, 6-c, 7-b, 8-b
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