Ramesh let-out his house on 1st April, 2014 on rent of ₹15,000 p.m. The fair rent and the municipal value of house are ₹13,500 p.m. and ₹16,000 p.m. respectively. Municipal taxes paid for the year were ₹12,000. Income fr

CS Executive · Tax Laws and Practice · PYQS · December 2015
Ramesh let-out his house on 1st April, 2014 on rent of ₹15,000 p.m. The fair rent and the municipal value of house are ₹13,500 p.m. and ₹16,000 p.m. respectively. Municipal taxes paid for the year were ₹12,000. Income from house property for the assessment year 2015-16 will be
(A) ₹1,26,000
(B) ₹1,76,000
(C) ₹1,05,000
(D) None of the above.

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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