Hello everyone...please suggest which one of the following alternatives is correct....Kindly substantiate your answers with relevanr references as far as possible.

In case of religious trust having

Rental income from house property Rs.100000

Income from other sources Rs.100000,

Income applied Rs 80000 ,

Taxable income shall be calculated as follows

Alternative1 :

Income from property held under trust  Rs200000

Less 15%                                                           30000

Balance                                                            170000

Applied                                                                80000

Taxable income                                                 90000

Alternative 2:

I/F/H/P                                                          100000

Less:30% Statutory deduction                  30000

Balance                                                                           70000

I/F/O/S                                                                            100000

Total                                                                                170000

Less15%                                                                         25500

Balance                                                                         144500

Applied                                                                            80000

Taxable income                                                             64500

Alternative 3 :

I/F/H/P(after 30% statutory deuction)                        70000

I/F/O/S                           100000

Less 15%(sec11)         15000                                    85000

Total                                                                              155000

Less:Applied                                                                 80000

Taxable income                                                             75000