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AAFM GLO_CWM_LVL_1 Exam - Topic 4 Question 9 Discussion

Puspinder Singh Ahluwalia took a housing loan on 1st. of June 2009 (EMI in arrear) of Rs. 50 lacs at a ROI of 10.75% p.a. compounded monthly for 12 years. He wants to know the deduction in taxable income he can claim u/s 24 of the IT act for the FY 2011 -12
B) 150000
A) 480178
C) 330178
D) 125000

AAFM GLO_CWM_LVL_1 Exam - Topic 4 Question 9 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 9
Topic #: 4
[All GLO_CWM_LVL_1 Questions]

Puspinder Singh Ahluwalia took a housing loan on 1st. of June 2009 (EMI in arrear) of Rs. 50 lacs at a ROI of 10.75% p.a. compounded monthly for 12 years. He wants to know the deduction in taxable income he can claim u/s 24 of the IT act for the FY 2011 -12

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Suggested Answer: B

by Arlette at May 07, 2022, 04:27 AM

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Thurman
9 months ago
That's correct! Anything above that won't be deductible.
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Delmy
9 months ago
Yup, 150,000 is the limit for FY 2011-12.
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Carma
9 months ago
Wait, are you sure about that? I thought it could be higher!
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Jeff
9 months ago
Totally agree, it's capped at 150k for self-occupied properties.
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Gregoria
10 months ago
The maximum deduction under section 24 is Rs. 150,000 for interest paid.
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Mary
10 months ago
This seems like it could be related to permission sets being removed when the user was deactivated. I'll focus on that as a likely cause.
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Weldon
10 months ago
The WildFire hash comparison and dynamic analysis option seems the most comprehensive. I'm leaning towards that, but I want to double-check my understanding of how the Traps agent operates.
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