Calculation of income from let out property
This query is : Resolved
30 May 2013
If I have let out my property at my home town for which I am receiving annual rent of Rs.300000/-. I am also paying municipal tax for the said property of Rs.10000/- from my own bank account. I have taken a loan for the said property and for which I had paid Rs.500000/- towards interest & Rs.150000/- for prinicipal during the year.
What will be the actual loss? You are requested to give the detailed calculation.
Thanks & regards,
Harshad Desai
What will be the actual loss? You are requested to give the detailed calculation.
Thanks & regards,
Harshad Desai
30 May 2013
(Gross Annual)value of the property=
Rs.300000
Less:-Muncipal Taxes =Rs. 10000
Annual Value of the property=Rs.290000
Less:- Repairs/Collection charges
restricted to 30% of the annual
value of the property irrespective
of the amount spent or not =Rs. 87000
Less:- Interest on borrowed capital
=Rs.500000
Property Income/(Loss) =(Rs.297000)
Since the property is let out whole interest on borrowed capital is deductible.
Rs.300000
Less:-Muncipal Taxes =Rs. 10000
Annual Value of the property=Rs.290000
Less:- Repairs/Collection charges
restricted to 30% of the annual
value of the property irrespective
of the amount spent or not =Rs. 87000
Less:- Interest on borrowed capital
=Rs.500000
Property Income/(Loss) =(Rs.297000)
Since the property is let out whole interest on borrowed capital is deductible.
30 May 2013
GROSS VALUE 300000
LESS U/S 24 STD DEDUCTION @ 30%
90000
BAL= 210000
LESS: INTT 500000
INCOME(loSS ) 290000
AT PRESENT MUNICIPAL TAX NOT ALLOWED
LESS U/S 24 STD DEDUCTION @ 30%
90000
BAL= 210000
LESS: INTT 500000
INCOME(loSS ) 290000
AT PRESENT MUNICIPAL TAX NOT ALLOWED
30 May 2013
Hi Shilpa,
Thanks a lot for your reply.
Harshad Desai
Thanks a lot for your reply.
Harshad Desai
30 May 2013
Hello!
Should I go ahead with reply given by Ms. Shilpa or Mr. Rupesh.
Kindly have final call on this.
Thanks & regards,
Harshad Desai
Should I go ahead with reply given by Ms. Shilpa or Mr. Rupesh.
Kindly have final call on this.
Thanks & regards,
Harshad Desai
03 June 2013
I THINK YOU WILL BE ENTITLE TO A FURTHER DEDUCTION OF RS. 1 LAC UNDER SECTION 80C.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
