Nair, a retired person of 68 years of age obtained ₹10,000 per month from 1st April, 2018 on reverse mortgage of his self-occupied residential property from a bank. The fair rent of the property is ₹15,000 per month. The

CS Executive · Tax Laws and Practice · PYQS · June 2019
Nair, a retired person of 68 years of age obtained ₹10,000 per month from 1st April, 2018 on reverse mortgage of his self-occupied residential property from a bank. The fair rent of the property is ₹15,000 per month. The income chargeable to tax in respect of amount received on reverse mortgage for his self-occupied house property for the F.Y. 2018-19 would be :
(A) ₹1,20,000
(B) ₹1,26,000
(C) NIL
(D) (15000 - 10000) × 12 = 60000

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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