Mr. Roshan, aged 45 years, is employed as a finance manager in XYZ Ltd., Mumbai. During the F.Y. 2025-26, he receives the following:Basic Salary…

Mr. Roshan, aged 45 years, is employed as a finance manager in XYZ Ltd., Mumbai. During the F.Y. 2025-26, he receives the following:Basic Salary -60,000 p.m.DA -12,000 p.m. (50% is forming part for retirement benefits)Employer's contribution to PF – 15% of basic salaryHe owns a house property which is let out during the P.Y. 2025-26. He has taken a loan for acquisition of this house and paid interest of 2.20 lakhs during the year. Details of house property are as follows:Municipal Value - 1,80,000 per annumFair Rent -1,95,000 per annumStandard Rent - 1,80,000 per annumActual Rent received - 1,70,000 per annumMunicipal Tax (paid by tenant) – 7.5% of municipal valueRepair Expenses (paid by Mr. Roshan) - 9,000Other transactions during the Financial Year 2025–26 are as under:Household LED and refrigerator purchased in January 2017 for 56,000 were sold in February 2026 for 15,000.Advance of 4,00,000 was received from Mr. Vanraj on 1st May 2025 against sale of urban agricultural land for 11,00,000 which was being used by his father for agricultural purposes during last 2 years and 8 months. However, due to non-payment of balance amount, advance was forfeited.The same land was subsequently sold to Mr. Jain on 1st December 2025 for 10,50,000. The land was purchased on 20th January 2006 for 1,50,000. Mr. Roshan purchased new rural agricultural land on 10th March 2026 for 9,50,000.Interest credited in PPF account during the year amounted to 40,500.He paid - 75,000 as premium towards life insurance cover for self and his wife and also contributed - 1,00,000 towards PPF.Cost Inflation Indices for the Financial Years are under:2005-06: 1172016-17: 2642025-26: 376Mr. Roshan wants to pay tax under default tax regime.Based on the facts of the case scenario given above, choose the most appropriate answer to the following multiple-choice questions: