Mr. Satya (aged 59 years) is a resident Indian, opting for optional tax regime of the Income-tax Act, 1961 and provides following information for…

Mr. Satya (aged 59 years) is a resident Indian, opting for optional tax regime of the Income-tax Act, 1961 and provides following information for the A.Y.2025-26: (i) Profit from specified business (eligible for deduction u/s 35AD) is 6,00,000. (ii) Loss from trading of equity shares of 50,000 and from trading of commodity derivatives of 75,000. (iii) Taken loan of 40 lakh from State Bank of India for purchasing a house of stamp duty value of 42 lakh in January 2022. He has let out this house in February 2024 for rent of 15,000 per month. He has paid - 1,60,000 against principal and - 4,40,000 against interest during the previous year 2024-25. (iv) Loss from betting on horse races - 25,000. Based on the above information, answer the following MCQ No. 4 to 6 for the assessment year 2025-26.