CAF-2 · Chapter 6 · Question 6 of 15
What is the statutory rate for the repair allowance allowed as a deduction against rent chargeable to tax under the head "Income from Property" for an individual?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) C) 1/5th (20%) of the rent chargeable to tax.
Explanation
A statutory allowance equal to one-fifth (20%) of the rent chargeable to tax is allowed for repairs to a building, irrespective of the actual repair expenses incurred.
More Income from Property MCQs
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