Vijay, a resident individual aged 57 years, is employed with a private sector Indian company. His basic salary was - 1,20,000 p.m. during the FY…

Vijay, a resident individual aged 57 years, is employed with a private sector Indian company. His basic salary was - 1,20,000 p.m. during the FY 2025-26. Both, Vijay and his employer contribute 15% of basic salary to the pension scheme referred to in section 80CCD notified by the Central Government. Vijay gifted a house property valued at 51 lakhs to his wife, Rashmi on 01/04/2025. On the same day, Rashmi gifted the same to her daughter-in-law, Anushka. Anushka let out the house for a monthly rent of 54,000 to Prabhas on 01/05/2025. All of these assessees did not opt out of default tax regime for the AY 2026-27. Rashmi is a Chartered Accountant having gross receipts from profession amounting to 45 lakhs. For the FY 2025-26, she opted for the provisions of section 44ADA (she fulfilled all the conditions prescribed to opt for presumptive taxation). Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: (MCQ 4 to 7)