Mr. Sumit, aged 54 years, employed as Assistant Manager in Beta Ltd., furnishes the following information for the year ended 31.03.2025: (i) Basic…

Mr. Sumit, aged 54 years, employed as Assistant Manager in Beta Ltd., furnishes the following information for the year ended 31.03.2025: (i) Basic salary upto 31.1.2025 -50,000 p.m. and basic salary from 1.2.2025 -55,000 p.m. (ii) Dearness allowance - 12% of basic salary (50% forms part of retirement benefit). (iii) A bonus equal to one month's December salary (iv) Contribution of employer to recognized provident fund account of the employee@16% of basic salary. (v) Medical bill reimbursement for his mother -15,000 (vi) Laptop transferred by employer for 25,000 on 3rd December, 2024 (The laptop was acquired by company on 1st October, 2023 for 90,000. Company was charging depreciation at 31.666% assuming useful life of laptop as 3 years) (vii) Professional tax paid by him - 1,000 and professional tax paid by employer - 1,400. He also took possession of a house in New Delhi on 25th March 2024 for self-occupation. The municipal valuation is 4,20,000 p.a. and the fair rent is 4,50,000 p.a. He paid property tax of 22,000 on 15.7.2024. He had taken a home loan of 16,00,000 @10% p.a. interest on 1st April 2020 for construction of this house and completed on 20th March 2024. He sold a property in Mumbai on 28th March 2024 and received arrears of rent - 3,00,000 on 4th Feb 2025, which was not previously taxed. Mr. Sumit opts out of the default tax regime under section 115BAC for A.Y. 2025-26. From the information given above, choose the most appropriate answer to the following questions –