Mr. Raja, an Indian citizen, aged 61 years, has set-up his business in Canada and is residing in Canada since 2009. He owns a house property in…

Mr. Raja, an Indian citizen, aged 61 years, has set-up his business in Canada and is residing in Canada since 2009. He owns a house property in Canada, half of which is used by him for his residence and half is given on rent (converted into INR is 12,00,000 p.a.). He purchased a flat in Delhi on 13.10.2019. He has taken a loan from Canara Bank in India of 34,00,000 for purchase of this flat. The interest on such loan for the F.Y. 2023-24 was - 3,14,000 and principal repayment was - 80,000. Mr. Raja has given this flat on monthly rent of 32,500 since April, 2023. The annual property tax of Delhi flat is 40,000 which is paid by Mr. Raja, whenever he comes to India to meet his parents. Mr. Raja visited India for 124 days during the previous year 2023-24. Before that he visited India in total for 366 days during the period 1.4.2019 to 31.3.2023. He had a house in Ranchi which was sold in May 2021. In respect of this house, he received arrears of rent of 2,96,000 in February 2024 (not taxed earlier). Mr. Raja has sold 10,000 listed shares @480 per share of A Ltd., an Indian company, on 15.9.2023, which he acquired on 05-04-2017 @100 per share. STT was paid both at the time of acquisition as well as at the time of transfer of such shares. On 31-01-2018, the shares of A Ltd. were traded on a recognized stock exchange as under: Highest price -300 per share Average price -290 per share Lowest price -280 per share Mr. Raja wants to pay tax under default tax regime under section 115BAC. Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions:-