Ms. Pinky (age 61) pledged her residential building with the State Bank of India and received ₹ 10,000 every month under the reverse mortgage scheme during the financial year 2020-21. The amount liable to income-tax in respect of such receipt would be:

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Question:Ms. Pinky (age 61) pledged her residential building with the State Bank of India and received ₹ 10,000 every month under the reverse mortgage scheme during the financial year 2020-21. The amount liable to income-tax in respect of such receipt would be:

1.₹ 1, 20,000 (fully taxable)

2.₹ 84,000 (after deducting 30%)

3.₹ 60,000 (after deducting 50%)

4. Nil (as it is exempted from tax)

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  1. Ms. Pinky (age 61) pledged her residential building with the State Bank of India and received ₹ 10,000 every month under the reverse mortgage scheme during the financial year 2020-21. The amount liable to income-tax in respect of such receipt would be:
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