Gross total income of Mr. X for P.Y. 2020-21 is ₹ 6,00,000. She had taken a loan of ₹ 7,20,000 in the financial year 2017-18 from a bank for her husband who is pursuing MBA course from IIM, Kolkata. On 02.04.2020, she paid the first instalment of loan of ₹ 45,000 and interest of ₹ 65,000. Compute her total income for A.Y. 2021-22
A. ₹ 6,00,000
B. ₹ 5,35,000
C. ₹ 4,90,000
D. ₹ 5,55,000
Answer:B
Gross total income of Mr. X for P.Y. 2020-21 is ₹ 6,00,000. She had taken a loan of ₹ 7,20,000 in the financial year 2017-18 from a bank for her husband who is pursuing MBA course from IIM, Kolkata. On 02.04.2020, she paid the first instalment of loan of ₹ 45,000 and interest of ₹ 65,000. Compute her total income for A.Y. 2021-22
A. ₹ 6,00,000 B. ₹ 5,35,000 C. ₹ 4,90,000 D. ₹ 5,55,000