BlackFriday 2024! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

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
[All GLO_CWM_LVL_1 Questions]

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.

Show Suggested Answer Hide Answer
Suggested Answer: C

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

Limited Time Offer

25%

Off

Get Premium GLO_CWM_LVL_1 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Nobuko
3 months ago
Wait, so she had to pay interest on repairs? That's rough. Hopefully, she can deduct that from her income.
upvoted 0 times
...
Avery
3 months ago
Rajalakshmi's property seems like a real estate goldmine! Too bad the tenant skipped out on the last two months' rent.
upvoted 0 times
...
Beatriz
3 months ago
I'm sensing a lot of tax implications here. Gotta make sure I don't miss any deductions or adjustments.
upvoted 0 times
...
Caren
3 months ago
Hmm, the municipal value, fair rent, and standard rent seem important in this calculation. Let me try to work it out step-by-step.
upvoted 0 times
Lisbeth
3 months ago
User 2
upvoted 0 times
...
Eliseo
3 months ago
User 1
upvoted 0 times
...
...
Jody
4 months ago
I believe the correct answer is A) Rs 281500 because of the calculations provided in the question.
upvoted 0 times
...
Nguyet
4 months ago
I'm not sure, but I think it might be C) Rs 269000.
upvoted 0 times
...
Lizette
4 months ago
I agree with Jordan, the rationale seems to support that answer.
upvoted 0 times
...
Jordan
4 months ago
I think the answer is A) Rs 281500.
upvoted 0 times
...
Gaynell
4 months ago
This question is really complex! I'll need to go through the details carefully to figure out the right answer.
upvoted 0 times
Kip
3 months ago
After considering all the details, I believe the answer is option A) Rs 281500.
upvoted 0 times
...
Ashlee
3 months ago
I think we need to calculate the rental income, deductions, and then arrive at the final figure.
upvoted 0 times
...
Daren
3 months ago
Let's break down the information step by step to find the correct answer.
upvoted 0 times
...
Reita
4 months ago
User 2
upvoted 0 times
...
Wilford
4 months ago
User 1
upvoted 0 times
...
Brittney
4 months ago
It does seem like a tricky question, but we can work through it together.
upvoted 0 times
...
...

Save Cancel