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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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Novella
9 days 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
10 days 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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Kristeen
19 hours ago
I think the answer is Rs 281500. The calculations seem to add up.
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Lashawn
2 days ago
That's a really high rent amount! I wish I could find a property like that to rent.
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Georgene
17 days 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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Arminda
18 days 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
20 days ago
I think the answer is A) Rs 281500.
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Curt
23 days 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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Celestina
6 days ago
She should calculate the income from the house property based on the information provided.
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