Mr. X aged 62 years has taken a loan of ₹ 5,00,000 on 01.10.2009 @ 10% p.a. for construction of a house which was completed on 01.10.2018 and the house remained self-occupied throughout the previous year 2020-21. The assessee has income under the head salary ₹ 4,00,000 (Computed). Compute tax liability for assessment year 2021-22.
A. ₹ 6,240
B. ₹ 2,800
C. ₹ 5,200
D. Nil
Answer:D
Mr. X aged 62 years has taken a loan of ₹ 5,00,000 on 01.10.2009 @ 10% p.a. for construction of a house which was completed on 01.10.2018 and the house remained self-occupied throughout the previous year 2020-21. The assessee has income under the head salary ₹ 4,00,000 (Computed). Compute tax liability for assessment year 2021-22.
A. ₹ 6,240 B. ₹ 2,800 C. ₹ 5,200 D. Nil