Chris and his father are joint tenants of a property in Tsuen Wan where they reside. The
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Chris and his father are joint tenants of a property in Tsuen Wan where they reside. The acquisition of the property was financed by a mortgage loan borrowed from a local bank. Chris was solely responsible for paying the monthly installment of the loan. During the year of assessment 2019/20, interest of $150,000 has been paid on the loan. Chris is entitled to claim a deduction of home loan interest under salaries fax for a maximum amount of:
a. $100,000.
b. $75,000.
c. $50,000.
d. $150,000.
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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