ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An allowance
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A paycheck
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Paying your rent
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None of the above
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Detailed explanation-1: -The Ground Floor will not be taxed under “income from house property” head. It shall be taxed under Business Profession head.
Detailed explanation-2: -Any other provision of the Income Tax Act does not exempt such income. Income from such sources cannot be claimed as salary, house property income, profits and gains from business or profession, or capital gains.
Detailed explanation-3: -As per the Income-tax Act, the income received as rent from the building or house is taxed under the head, ‘Income from House Property. ‘ If you have rented out a property to someone and received rent from it, that will be considered rental income and assessed as income from other sources.
Detailed explanation-4: -Rental income is any payment you receive for the use or occupation of property. Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them.