Nair, a retired person of 68 years of age obtained 110,000 per month from 1 st April 2020 on reverse mortgage of his self-occupied residential property from a bank. The fair rent of the property is ₹ 15,000 per month. The income chargeable to tax in respect of amount received on reverse mortgage for his self-occupied house property for the F.Y. 2020-21 would be:
A. ₹ 1,20,000
B. ₹ 1,26,000
C. Nil
D. (15,000 -10,000) X 12 = 60,000
Answer:C
Nair, a retired person of 68 years of age obtained 110,000 per month from 1 st April 2020 on reverse mortgage of his self-occupied residential property from a bank. The fair rent of the property is ₹ 15,000 per month. The income chargeable to tax in respect of amount received on reverse mortgage for his self-occupied house property for the F.Y. 2020-21 would be:
A. ₹ 1,20,000 B. ₹ 1,26,000 C. Nil D. (15,000 -10,000) X 12 = 60,000