House property owned by Pankaj located at Ajmer having municipal valuation : ₹1,55,000, fair rent: ₹1,40,000, standard rent: ₹1,24,000 was let out for the period 1st April, 2019 to 15th November, 2019 on a rent of ₹8,000

CS Executive · Tax Laws and Practice · PYQS · December 2020
House property owned by Pankaj located at Ajmer having municipal valuation : ₹1,55,000, fair rent: ₹1,40,000, standard rent: ₹1,24,000 was let out for the period 1st April, 2019 to 15th November, 2019 on a rent of ₹8,000 per month and from 16th Nov. 2019 to 31st January 2020 on a rent of ₹13,000 per month. Pankaj transferred the property to Shyam on 1st February, 2020. The gross annual value (GAV) of the house property for assessment year 2020-21 shall be taken at ______.
(A) ₹1,03,333
(B) ₹92,500
(C) ₹1,24,000
(D) ₹1,30,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income from House Property

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