Mr. Chandan (age 70) received ₹ 30,000 every month during the financial year 2016-17 on reverse mortgage of his property with State Bank of India. The amount of receipt liable to tax in the hands of Mr. Chandan is:
CS Executive · Tax Laws and Practice · PYQS · June 2017
Mr. Chandan (age 70) received ₹ 30,000 every month during the financial year 2016-17 on reverse mortgage of his property with State Bank of India. The amount of receipt liable to tax in the hands of Mr. Chandan is:
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax
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