AAFM Exam CWM_LEVEL_2 Topic 2 Question 93 Discussion

Actual exam question for AAFM's CWM_LEVEL_2 exam

Question #: 93
Topic #: 2

Section C (4 Mark)

Read the senario and answer to the question.

Harish wants to know what amount is eligible for deductible u/s 24 of Income Tax for housing loan repayments in computation of his Income tax liability for AY 2010-11.

ARs. 1,43,080

BRs. 1,50,000

CRs. 1,44,270

DRs. 1,43,680

Show Suggested Answer

Suggested Answer: D

by Ahmed at Nov 14, 2024, 07:39 PM

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Ezekiel

3 months ago

I'm not sure, but I think it might be C) Rs. 1,44,270. Can someone explain their reasoning?

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Keneth

3 months ago

Hmm, this is a tricky one. I'm torn between Options A and D. Looks like we need to double-check the calculations.

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Goldie

2 months ago

I agree, let's double-check the calculations before deciding.

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Delmy

2 months ago

Let's calculate it again to be sure.

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Alison

2 months ago

I'm leaning towards Option D, Rs. 1,43,680.

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Gertude

2 months ago

I think it's Option A, Rs. 1,43,080.

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Kathrine

3 months ago

Option B, of course! Who doesn't love a good ol' round number like Rs. 1,50,000? It's like a magic number for housing loan deductions.

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Lauran

3 months ago

I think Option C is the right answer. Rs. 1,44,270 seems more accurate based on the scenario.

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Gretchen

2 months ago

Yes, I also believe that Option C, Rs. 1,44,270, is the most suitable choice for Harish's situation.

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Sheldon

2 months ago

I agree with you, Option C does seem like the correct amount for deductible u/s 24 of Income Tax.

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Francisca

2 months ago

I think Option C is the right answer. Rs. 1,44,270 seems more accurate based on the scenario.

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Peter

3 months ago

Option B is the correct answer! Rs. 1,50,000 is the maximum deductible amount for housing loan repayments under Section 24 of the Income Tax Act.

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Goldie

2 months ago

Thanks for clarifying!

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Jeanice

2 months ago

You are correct, it is B) Rs. 1,50,000

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Gwen

2 months ago

No, I believe it is B) Rs. 1,50,000

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Charisse

3 months ago

I think the answer is A) Rs. 1,43,080

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Bernadine

3 months ago

I agree with Vincenza, because that seems like a reasonable amount for housing loan repayments.

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Vincenza

3 months ago

I think the answer is B) Rs. 1,50,000.

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