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AAFM Exam GLO_CWM_LVL_1 Topic 2 Question 94 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 94
Topic #: 2
[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.

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Suggested Answer: C

by Whitley at Oct 18, 2024, 03:04 AM

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Shantay
1 months ago
Aha, I've got it! The answer is A) Rs 281500. I'm feeling pretty confident about this one. Although, I have to say, this question is a bit of a real estate puzzle, don't you think? I wonder if Smt. Rajalakshmi is a property tycoon in the making.
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Detra
7 days ago
I'm not sure, maybe it's B) Rs 275500?
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Golda
19 days ago
I agree, it seems like a tricky real estate question.
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Amie
22 days ago
I think the answer is A) Rs 281500.
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Novella
1 months ago
I'm going with C) Rs 269000. I've gone through the problem step-by-step and that's the answer I came up with. Although, I have to say, the municipal taxes at 12% seem a bit high. Maybe Smt. Rajalakshmi should consider negotiating with the local authorities.
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Rodolfo
1 months ago
Hmm, I'm not sure about this one. Let me double-check the calculations. Wait, did the question say the property was let-out for Rs. 50,000 per month? That's a pretty sweet deal! I wish I had a landlord like that.
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Jerrod
27 days ago
Yeah, the rent amount is definitely impressive. I wonder how much the property is worth now.
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Kristeen
1 months ago
I think the answer is Rs 281500. The calculations seem to add up.
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Lashawn
1 months ago
That's a really high rent amount! I wish I could find a property like that to rent.
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Georgene
2 months ago
Alright, I think the answer is B) Rs 275500. The question gives us all the necessary information to calculate the income from house property. We just need to follow the steps and do the math correctly.
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Loreen
14 days ago
After calculating all the values, we arrive at the income from house property for the A.Y. 2012-13 as Rs 275500.
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Arlette
21 days ago
So, we consider the fair rent, standard rent, actual rent received, and deductions like municipal taxes and interest paid for repairs.
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Anna
23 days ago
Yes, that seems correct. We just need to calculate the income from house property based on the given information.
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Frank
26 days ago
I think the answer is B) Rs 275500.
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Arminda
2 months ago
I agree with Mabelle. The rationale is that we need to consider the fair rent, standard rent, and actual rent received to calculate the income from house property.
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Mabelle
2 months ago
I think the answer is A) Rs 281500.
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Curt
2 months ago
Okay, let's see here. The municipal value is 5,00,000, the fair rent is 4,20,000, and the standard rent is 4,80,000. The property was let-out for 50,000 per month until December 2010, and then the tenant vacated. Smt. Rajalakshmi used the house for self-occupation after that. The rent for November and December 2010 couldn't be realized. She paid 12% municipal taxes and 25,000 in interest for repairs. Hmm, this seems like a tricky one.
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Kristeen
23 days ago
After considering all the details, her income from the house property for A.Y. 2012-13 would be Rs 275,500.
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Kaycee
27 days ago
The municipal taxes paid and the unrealized rent should also be taken into account for the calculation.
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Meaghan
1 months ago
Yes, she needs to consider the rental income, self-occupied period, and deductions like interest on borrowed amount for repairs.
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Celestina
1 months ago
She should calculate the income from the house property based on the information provided.
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