AAFM Exam GLO_CWM_LVL_1 Topic 3 Question 87 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 87
Topic #: 3

Pushkar completed the construction of a house property on 14.8.2008 with borrowed capital of Rs.800000 @ 12%. The loan was taken on 1.4.2006 and is still outstanding. The house was used for his own residence during the entire FY 10-11. Deduction U/S 24(B) for interest on borrowed capital for FY shall be

A150000

B30000

C96000

D134400

Show Suggested Answer

Suggested Answer: D

by Wenona at Aug 22, 2024, 01:45 PM

Limited Time Offer

25%

Off

Get Premium GLO_CWM_LVL_1 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Devorah

2 months ago

I'm leaning towards C) 96000, based on the interest rate and loan amount.

upvoted 0 times

...

Elfriede

2 months ago

I calculated it and I also got D) 134400 as the deduction amount.

upvoted 0 times

...

Marylin

2 months ago

I disagree, I believe the answer is A) 150000.

upvoted 0 times

...

Chauncey

2 months ago

Okay, time to channel my inner tax ninja. I'm gonna go with Option D, just because it sounds the most complicated. That's gotta be the right answer, right?

upvoted 0 times

Catina

2 months ago

D) 134400

upvoted 0 times

...

Son

2 months ago

A) 150000

upvoted 0 times

...

Cammy

2 months ago

I think the answer is D) 134400.

upvoted 0 times

...

Kyoko

2 months ago

Wow, this really makes me wish I had a degree in accounting. But what the heck, I'll go with Option B. Maybe I'll get lucky and the examiner has a sense of humor.

upvoted 0 times

Odelia

2 months ago

I'm leaning towards Option C. It seems like the most logical choice to me.

upvoted 0 times

...

Pamella

2 months ago

I think I'll go with Option B too. It seems like a safe bet.

upvoted 0 times

...

Natalie

3 months ago

Whoa, this is like a tax riddle wrapped in an interest-bearing enigma. I'm feeling lucky, so I'm gonna go with Option A. Fingers crossed!

upvoted 0 times

...

Valentine

3 months ago

Ah, the joys of real estate finance. I'm gonna go with Option C, just to keep things interesting, you know?

upvoted 0 times

Pete

2 months ago

I agree, Option C seems like a reasonable answer.

upvoted 0 times

...

Magdalene

2 months ago

I'm leaning towards Option D, but Option C could be a good choice too.

upvoted 0 times

...

Larae

2 months ago

I think Option C is the correct answer.

upvoted 0 times

...

Bong

3 months ago

Hmm, this one's a tricky one. Gotta remember those pesky interest calculations and deduction rules. Let's see, I'll go with Option D - that sounds about right to me.

upvoted 0 times