Mr. Pawan (a resident Individual, age 68 years) owns three houses which are used by him for
his residential purposes. From the following information, suggest which house should be
opted as self-occupied and accordingly determine the taxable income of Mr. Pawan for AY
2020-21.
Houses A B C
Municipal value 3,80,000 5,00,000 6,50,000
Fair Rent 3,88,000 5,00,000 6,30,000
Standard Rent 4,00,000 5,00,000 6,00,000
Municipal taxes paid by him 10% 10% 10%
Repairs and Insurance premium 16,000 35,000 80,000
Interest on
Borrowed
capital.
Capital was
borrowed for
construction
of the
properties.
Construction
was
completed
within
stipulated
time.
Date of borrowing 20.08.2017 10.02.1999 15.10.2015
Current year’s
interest
85,000 1,00,000 1,36,000
Pre construction
period interest
instalment for year
2019-20 (20% of the
total PCP interest)
28,000 10,000 78,000
He receives a Tagore Painting on his birthday from a family friend. Fair market value of the
painting is Rs. 5,90,000. No other gift is received during the PY 2019-20.
Donation made through account payee cheque to Prime Minister National Relief fund: Rs. 25,000
Interest on loan for higher education of his daughter: Rs. 25,000.
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Answer:
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