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

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

Show Suggested Answer

Suggested Answer: C

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

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Shantay

2 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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Darci

26 days ago

No, I think it's A) Rs 281500. The details are quite specific in this question.

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Detra

1 months ago

I'm not sure, maybe it's B) Rs 275500?

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Golda

2 months ago

I agree, it seems like a tricky real estate question.

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Amie

2 months ago

I think the answer is A) Rs 281500.

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Novella

3 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

3 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

2 months ago

Yeah, the rent amount is definitely impressive. I wonder how much the property is worth now.

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Kristeen

2 months ago

I think the answer is Rs 281500. The calculations seem to add up.

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Lashawn

2 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

3 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

2 months 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

2 months 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

2 months 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

2 months ago

I think the answer is B) Rs 275500.

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Arminda

3 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

3 months ago

I think the answer is A) Rs 281500.

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Curt

3 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

2 months 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

2 months ago

The municipal taxes paid and the unrealized rent should also be taken into account for the calculation.

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Meaghan

2 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

2 months ago

She should calculate the income from the house property based on the information provided.

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