Income Tax - Qus from House Property

Mr. Ashutosh purchased his first dream home in Bangalore on 16.8.2020. He applied for home loan of ₹ 40 lakhs from IDFC bank on 15.7.2020, the same was sanctioned by bank on 20.7.2020. The stamp duty value of the said house was ₹ 44 lakhs. The interest due on the said home loan is ₹ 3,75,000 for the financial year 2020-21. Due to liquidity issues, Mr. Ashutosh could only pay ₹ 3,26,000. Compute the total interest deduction Mr. Ashutosh can claim for the A.Y. 2021- 22, assuming Mr. Ashutosh doesn’t opt for the tax rates under the new scheme.

(a) ₹ 3,26,000

(b) ₹ 2,00,000

(c) ₹ 3,75,000

(d) ₹ 3,50,000

Ans. (d) ₹ 3,50,000

HOW?