Ms. Prerna is having a residential house property in Nagpur, of which 1/3rd is self-occupied and 2/3rd is let out for commercial purposes at a monthly rent of ₹12,000. Fair rent (for let out portion only) was ₹30,000 p.m., Municipal value for the property was ₹2,40,000 and standard rent under the Rent Control Act was ₹3,00,000 for the entire property. Municipal taxes are 10% of municipal valuation and are paid by her on 30th July, 2023. She took a loan of ₹45,00,000 for the construction of this house from a scheduled bank on 1.4.2021. She repaid the entire loan along with interest on 30.6.2023. The interest rate for this loan was 10% p.a. The construction was completed on 30th June, 2022. She earns other income of ₹2,00,000 during the previous year 2023-24. She wishes to pay tax under the default tax regime. Based on the above information, answer multiple choice question no. 1-3:
Sub-questions (3)
The Net Annual Value (NAV) of the house property for the A.Y. 2024-25 is:
(A) ₹1,28,000
(B) ₹1,44,000
(C) ₹1,84,000
(D) ₹2,00,000
Deduction in respect of interest on loan for the P.Y. 2023-24 shall be:
(A) ₹2,02,500
(B) ₹1,35,000
(C) ₹5,62,500
(D) ₹1,12,500
Compute her total income for the assessment year 2024-25
(A) ₹1,93,800
(B) ₹2,00,000
(C) Nil
(D) ₹2,05,000