Mr. Nair a retired person of 68 years of age obtained ₹ 10,000 per month from 1st 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 FY 2020-21 would be :
A. ₹1,20,000
B. ₹ 1,26,000
C. Nil
D. (15,000 – 10,000) × 12 = ₹ 60,000
Answer:C
Mr. Nair a retired person of 68 years of age obtained ₹ 10,000 per month from 1st 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 FY 2020-21 would be :
A. ₹1,20,000 B. ₹ 1,26,000 C. Nil D. (15,000 – 10,000) × 12 = ₹ 60,000