Mrs. X has taken a loan of 11,00,000 on 01.07.2013 at a rate of 10% per annum from SBI for construction of one house which was completed on 31.03.2015 and the house was let out at a rate of ₹ 80,000 per month w.e.f. 01.11.2018 and fair rent is ₹ 1,00,000 per month. Municipal taxes paid in previous year 2019-20 ₹ 30,000. She has taken a fresh loan of ₹ 11,00,000 on 01.07.2018(5)11% per annum and it was utilized to repay the original amount. Compute her income from house property for assessment year 2020-21.
A. ₹ 6,90,000
B. ₹ 1,21,000
C. ₹ 6,98,000
D. ₹ 6,82,500
Answer:C
Mrs. X has taken a loan of 11,00,000 on 01.07.2013 at a rate of 10% per annum from SBI for construction of one house which was completed on 31.03.2015 and the house was let out at a rate of ₹ 80,000 per month w.e.f. 01.11.2018 and fair rent is ₹ 1,00,000 per month. Municipal taxes paid in previous year 2019-20 ₹ 30,000. She has taken a fresh loan of ₹ 11,00,000 on 01.07.2018(5)11% per annum and it was utilized to repay the original amount. Compute her income from house property for assessment year 2020-21.
A. ₹ 6,90,000 B. ₹ 1,21,000 C. ₹ 6,98,000 D. ₹ 6,82,500