Question 3 X (age: 69 years), a salaried employee (drawing Rs. 8, 38,983) as annual salary) has occupied three houses for his residential purposes, particulars of which are as follows: House-1 House-II House-III (In Rs.) (In Rs.) (In Rs.) Standard Rent under the Poona Rent Control Act 63,000 11,85,000 73,000 (SR) Municipal Valuation (MV) 70,000 11,90,000 69,000 Fair Rent (FR) 53,000 11,78,000 71,000 Municipal Taxes paid 4,000 42,000 6,000 Repairs Nil Nil Nil Ground Rent due but not outstanding 600 800 Insurance premium due but but outstanding 900 2,000 1,200 X borrows from a relative Rs. 40, 00,000 @9% p.a for construction of House II (date of borrowing Junel, 2016, date of repayment of loan May31, 2019). Construction of all the houses is completed in August 2018. Determine the taxable income and tax liability of X for the AY 2020-21 on the assumption that X contributes Rs. 46,000 towards statutory provident fund and Rs. 8,000 towards National Relief Bonds