MANAGEMENT

Detailed explanation-1: -A deduction from the gross estate is allowed for funeral expenses, administration expenses, claims against the estate, certain taxes, and unpaid mortgages or other indebtedness allowable under the local law governing the administration of the decedent’s estate ( Code Sec.

Detailed explanation-2: -Gross income refers to the total income earned by an individual on a paycheck before taxes and other deductions. It comprises all incomes received by an individual from all sources – including wages, rental income, interest income, and dividends.

Detailed explanation-3: -According to Section 80A (1), while computing the total income of an assessee, the deductions specified in Section 80C to 80U shall be allowed from the Gross Total Income of the assessee. The aggregate amount of deduction specified in this section shall not exceed the Gross Total Income of the assessee in any case.

Detailed explanation-4: -The surviving itemized deductions include several categories like medical expenses, mortgage interest, and charitable donations. Other common itemized deductions include state income taxes, local income taxes, personal property taxes, and disaster losses.