Mr. Vivek Malhotra, an Indian resident, has four residential properties in India. Two of them are in Delhi, of which one is self-occupied and second…

Mr. Vivek Malhotra, an Indian resident, has four residential properties in India. Two of them are in Delhi, of which one is self-occupied and second is let out for monthly rent of 1,40,000 to Mr. Sushil, a salaried individual. The other two properties are in Mumbai. To reduce his tax liability, he gifted one of the residential house properties in Mumbai to his wife, Mrs. Anika and second one to his minor daughter, Ms. Pooja, without adequate consideration in April 2024. Expected monthly rent of self-occupied property in Delhi is 50,000 and expected monthly rent of property in Mumbai is 75,000 each. He paid municipal taxes amounting to 1,20,000 for let out property. In addition, Vivek sold a plot of land in Bengaluru on 19.12.2024 for 49 lakhs for which he has paid 1% as brokerage on sale consideration. The stamp duty value on the date of sale was 55 lakhs. This plot of land was purchased by him in 1992 for 3 lakhs. The fair market value and stamp duty value of this plot of land as on 1st April 2001 were - 7.2 lakhs and 7 lakhs, respectively. Mr. Vivek invested 12 lakhs in RECL bonds on 15.07.2025. Further, he has taken life insurance policy “A” on 15.05.2023 and policy “B” on 1.7.2023 for 10 years with a sum assured of 35 lakhs and 25 lakhs, respectively. The annual premium payable on this policy is 3.5 lakhs and - 2.5 lakhs, respectively. Mr. Vivek has opted out of the default tax regime under section 115BAC. CII for F.Y. 2001-02: 100; F.Y. 2024-25: 363 Based on the facts of the case scenario given above, choose the most appropriate answer to the following multiple-choice questions: