Mr. Mayank had bought a residential house worth - 2.5 crores at South Extension, Delhi in 2018 and let out the house on rent to Mr. Rihaan. The…

Mr. Mayank had bought a residential house worth - 2.5 crores at South Extension, Delhi in 2018 and let out the house on rent to Mr. Rihaan. The property was funded through loan from PNB. The interest due for F.Y. 2023-24 to PNB is 25 lakhs, out of which he paid only 20 lakhs during the year. Mr. Mayank then took a loan of 1.5 crores from SBI on 1.7.2023 for construction of first floor in that house for self-occupation. The construction is in progress as on 31.3.2024. Mr. Mayank started repaying EMIs due to SBI. During the P.Y. 2023-24, he repaid principal amount of 25 lakhs and 5 lakhs to PNB and SBI, respectively. He also paid interest of 8 lakhs to SBI out of 10 lakhs, being interest due for the period from 1.7.2023 to 31.3.2024. Mr. Mayank owns another house in Haryana. He transferred that house to his minor daughter Miss Sia on her birthday as her birthday gift. Miss Sia gave the said house to the local Panchayat from September, 2023 at a rent of 5,000 per month. Mrs. Mayank's total income for A.Y.2024-25 is higher than that of Mr. Mayank. This is the first year when Miss Sia has any source of income. Mr. Mayank bought electric vehicle worth 50 lakhs on loan from BSM Bank which it sanctioned on 1.4.2022. BSM Bank charged interest of 7 lakhs on electric vehicle for the P.Y.2023-24. Mr. Mayank has also taken loan from ABC Bank for his daughter's higher education. He paid - 50,000 as interest to ABC Bank. He also paid mediclaim of 20,000 to New India Assurance Scheme for insuring his health. From the information given above, choose the most appropriate answer to the following questions -