Income tax and real estate Q7


With reference to the Income Tax Act 1967 (as amended),

(a) State any FIVE (5) classes of income that are exempted from Income Tax. (10 marks)

(b) With examples, explain what are the deductible expenses from rental income of a property. (10 marks)

(c) An investor friend of yours asked you to give advice on income tax planning for investing into properties. How could you advise him? 5 marks

(M2022-1 Q7, 25 marks)

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