Taxation - Income TaxMCQQuestion 6068 of 146
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3. Assuming Mr. Gopal has no other income, his total tax liability shall be -

Select Your Answer (Keyboard: A, B, C, D)
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Correct Answer

✅ Option A — ₹ 1,30,940

All Options:

  • A₹ 1,30,940 ✓
  • B₹ 44,670
  • C₹ 1,76,180
  • D₹ 1,02,340 (2 Marks) Case Scenario - II Mr. Satya (aged 59 years) is a resident Indian, opting for optional tax regime of the Income-tax Act, 1961 and provides following information for the A.Y.2025-26: (i) Profit from specified business (eligible for deduction u/s 35AD) is ₹ 6,00,000. (ii) Loss from trading of equity shares of ₹ 50,000 and from trading of commodity derivatives of ₹ 75,000. (iii) Taken loan of ₹ 40 lakh from State Bank of India for purchasing a house of stamp duty value of ₹ 42 lakh in January 2022. He has let out this house in February 2024 for rent of ₹ 15,000 per month. He has paid ₹ 1,60,000 against principal and ₹ 4,40,000 against interest during the previous year 2024-25. (iv) Loss from betting on horse races ₹ 25,000. Based on the above information, answer the following MCQ No. 4 to 6 for the assessment year 2025-26.

Detailed Solution & Explanation

Correct Answer: Option **A** Explanation: As per the official suggested answer, option **A** is correct. Hence, **Option A** is the correct answer.

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