AAFM Exam GLO_CWM_LVL_1 Topic 1 Question 84 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 84
Topic #: 1

Smt. Rajalakshmi owns a house property at Adyar in Chennai. The municipal value of the property is Rs. 5,00,000, fair rent is Rs. 4,20,000 and standard rent is Rs. 4,80,000. The property was let-out for Rs. 50,000 p.m. up to December 2010. Thereafter, the tenant vacated the property and Smt. Rajalakshmi used the house for self-occupation. Rent for the months of November and December 2010 could not be realized in spite of the owner's efforts. She paid municipal Texas @12% during the year. She had paid interest of Rs.25,000 during the year for amount borrowed for repairs for the house property. Compute her income from house property for the A.Y. 2012-13.

ARs 281500

BRs 275500

CRs 269000

DRs 265400

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Suggested Answer: C

by Theodora at Jul 07, 2024, 08:52 PM

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Nobuko

4 months ago

Wait, so she had to pay interest on repairs? That's rough. Hopefully, she can deduct that from her income.

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Avery

4 months ago

Rajalakshmi's property seems like a real estate goldmine! Too bad the tenant skipped out on the last two months' rent.

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Beatriz

4 months ago

I'm sensing a lot of tax implications here. Gotta make sure I don't miss any deductions or adjustments.

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It does seem like a tricky question, but we can work through it together.

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