Shanti Lal has taken loan of ₹5,00,000 on 1st October, 1999 @ 10% p.a. for construction of a house which was completed on 1st October, 2019 and the house remained self-occupied throughout the previous year 2020-21. The a

CS Executive · Tax Laws and Practice · PYQS · June 2021
Shanti Lal has taken loan of ₹5,00,000 on 1st October, 1999 @ 10% p.a. for construction of a house which was completed on 1st October, 2019 and the house remained self-occupied throughout the previous year 2020-21. The assessee has income under the head salary of ₹4,00,000. Shanti Lal has paid life insurance premium of ₹30,000. Compute total income for A.Y. 2021-22. (Assuming assessee has not opted U/s 115BAC).
(A) ₹2,45,000
(B) ₹3,40,000
(C) ₹4,00,000
(D) ₹3,70,000

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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