A deduction of ₹1,00,000 towards unrealised rent was allowed to Z, being the owner of a house in the Assessment year 2018-19. Z sold the house on 14th January, 2020 and subsequently in the previous year 2022-23 he realis
CS Executive · Tax Laws · PYQS · December 2023
A deduction of ₹1,00,000 towards unrealised rent was allowed to Z, being the owner of a house in the Assessment year 2018-19. Z sold the house on 14th January, 2020 and subsequently in the previous year 2022-23 he realised ₹80,000 from the tenant. If Z spent ₹10,000 for the realisation of the rent, the amount taxable out of the realised rent in the Assessment year 2023-24 is:
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A). Official source note: A deduction of 1,00,000 towards unrealised rent was allowed to Z, being the owner of a house in the Assessment year 2018-19. Z sold the house on 14th January, 2020 and subsequently in the previous year 2022-23 he realised 80,000 from the tenant. If Z spent 10,000 for the realization of the rent, the amount taxable out of the realised rent in the Assessment year 2023-24 is : (A) 56,000 (B) 80,000 (C) 70,000 (D) Nil
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive inco...
- Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 19...
- Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as ...
- Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and n...
- Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019)...