Mr. Manish is a real estate developer. His main business is construction, development and sale of residential properties. He developed a project…

Mr. Manish is a real estate developer. His main business is construction, development and sale of residential properties. He developed a project named Ashiyana Heaven which has both residential and commercial units. He obtained certificate of completion for the said project on 1.2.2023. He sold majority of the units, however, 15 residential units and 10 commercial units were not sold and held as stock in trade. To earn some income from such units, he let out 10 residential and 5 commercial units from 1st May 2024 at 15,000 p.m. and - 20,000 p.m. each, respectively. Expected rent of each residential unit is 14,000 p.m. and - 22,000 p.m. for each commercial unit. All units are identical. Mr. Manish is also engaged with the firm Zoco & associates as a sleeping partner. The firm has 3 partners. His capital in the firm is 10,00,000. Each partner received interest @15% on capital from the firm and remuneration @30,000 p.m. Interest and remuneration are authorized by partnership deed. The book profit of the firm for the P.Y. 2024-25 is 9,50,000. He has taken four life insurance policies. The details of such policies are given hereunder: Particulars A B C D Date of Issue 1.4.2021 1.4.2023 1.2.2024 1.7.2024 Annual Premium 4,00,000 (excluding GST@18%) 1,50,000 (excluding GST @18%) 2,00,000 (excluding GST@18%) 3,00,000 (excluding GST@18%) Date when premium falls due every year 1 st April 1 st April 1 st Feb 1 st July Date of maturity 31.3.2030 31.3.2032 31.1.2033 30.6.2033 Consideration received on maturity (including bonus) 40,00,000 20,00,000 25,00,000 32,00,000 Sum assured 35,00,000 14,00,000 22,00,000 31,00,000 Based on the facts of the case scenario given above, choose the most appropriate answer to the following multiple choice questions: