Mrs. X, a resident and ordinarily resident individual, owns a house in U.S.A. She receives rent @ 2,000 per month. She paid municipal taxes of ₹1,500 during the financial year 2020-21. She also owns a two storied house in Mumbai, ground floor used for her residence and first floor is let out at a monthly rent of ₹ 10,000. Municipal taxes paid for the house amounts to ₹ 7,500. Mrs. X had constructed the house by taking a loan from a nationalized bank on 20.06.2016. She repaid the loan of ₹ 54,000 including interest of ₹ 24,000 in the current year. The value of one dollar is to be taken as ₹ 60.Compute income from house property for assessment year 2020-21.
A. ₹ 10,02,375
B. ₹ 10,14,375
C. ₹ 10,14,125
D. ₹ 9,45,000
Answer:A
Mrs. X, a resident and ordinarily resident individual, owns a house in U.S.A. She receives rent @ 2,000 per month. She paid municipal taxes of ₹1,500 during the financial year 2020-21. She also owns a two storied house in Mumbai, ground floor used for her residence and first floor is let out at a monthly rent of ₹ 10,000. Municipal taxes paid for the house amounts to ₹ 7,500. Mrs. X had constructed the house by taking a loan from a nationalized bank on 20.06.2016. She repaid the loan of ₹ 54,000 including interest of ₹ 24,000 in the current year. The value of one dollar is to be taken as ₹ 60.Compute income from house property for assessment year 2020-21.
A. ₹ 10,02,375 B. ₹ 10,14,375 C. ₹ 10,14,125 D. ₹ 9,45,000