ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If you are required to pay your $1200 property tax bill once a year, how much of that bill should you save in your monthly budget each month so you have enough to pay it when it comes?
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1/6 of that amount ($200)
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1/2 of that amount ($600)
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1/4 of that amount ($300)
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1/12 of that amount ($100)
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Explanation:
Detailed explanation-1: -Long-term capital gain = Final Sale Price – (indexed cost of acquisition + indexed cost of improvement + cost of transfer), where: Indexed cost of acquisition = cost of acquisition x cost inflation index of the year of transfer/cost inflation index of the year of acquisition.
Detailed explanation-2: -The property tax amount paid for that year is deducted from the total rental income of the year or the Gross Annual Value (GAV). A 30% deduction on the Net Annual Value is permissible under Section 24A of the Income Tax Act.
Detailed explanation-3: -In India, owners of real estate properties are subject to pay a property tax. It is an annual charge levied by the Government of India on property owners.
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