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Financing Decision

Is brokerage ...

Question

Is brokerage paid to real estate agents only on the sale and purchase of new houses included in the estimation of national income?

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Solution

No, brokerage paid to real estate agents on the sale and purchase of new as well as second-hand houses should be included in the estimation of national income. This is because the brokerage is paid on a service which has taken place in the present year.

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Similar questions

Q. Give reason or explain the following statements:

1) Income from second hand sale of goods is excluded from national income.
2) National income at factor cost includes subsidy.
3) National income estimates are accurate in India.
4) Old age pension is transfer income.
5) Paid services are included in national income.

Q. Use the given information and fill in the boxes with suitable numbers. Smt. Deepanjali purchased a house for ₹7,50,000 from Smt. Leelaben through an agent. Agent has charged 2% brokerage from both of them.

(1) Smt. Deepanjali paid

0 \times \frac{0}{0}

0

brokerage for purchasing the house.

(2) Smt. Leelaben paid brokerage of ₹

0

(3) Total brokerage received by the agent is ₹

0

(4) The cost of house Smt. Deepanjali paid is ₹

0

(5) The selling price of house for Smt. Leelaben is ₹

0

Q. Very Short Answer Type Questions:
Will the commission given to a broker for sale of an old house be included in national income?

Q. Shri. Batliwala sold shares of

R s . 30, 350

and purchased shares of

R s . 69, 650

in a day. He paid brokerage at the rate of

0.1

% on sale and purchase.

18

% GST was charged on brokerage. Find his total expenditure on brokerage and tax.

Q. Shri. Batliwala sold shares of Rs 30,350 and purchased shares of Rs 69,650 in a day. He paid brokerage at the rate of 0.1% on sale and purchase. 18% GST was charged on brokerage. Find his total expenditure on brokerage and tax.

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