Calculation of taxable income
This query is : Resolved
01 August 2011
Mr. X is a New Partnership Firm having follwing position:
ASSETS
Land construction Rs. 30 lacs
Building construction Rs. 60 lacs
Total Rs. 90 lacs
LIABILIIES
Partners Capital Rs. 50 lacs
Bank Loan RS. 40 lacs
Total Rs. 90 lacs
For some reason Firm could not start Business & so whole unit is rented out for Rs. 24 lacs p.a.
interest on capital Rs. 6 lacs
interest on Bank loan Rs. 4.8 lacs
Municipal Tax Rs. 0.5 lacs
Total Rs. 11.30 lacs
How total income of the firm can be arrived at ?
ASSETS
Land construction Rs. 30 lacs
Building construction Rs. 60 lacs
Total Rs. 90 lacs
LIABILIIES
Partners Capital Rs. 50 lacs
Bank Loan RS. 40 lacs
Total Rs. 90 lacs
For some reason Firm could not start Business & so whole unit is rented out for Rs. 24 lacs p.a.
interest on capital Rs. 6 lacs
interest on Bank loan Rs. 4.8 lacs
Municipal Tax Rs. 0.5 lacs
Total Rs. 11.30 lacs
How total income of the firm can be arrived at ?
01 August 2011
Dear Pravinbhai,
Income from rent taxable under the head Income from house property and Taxable accordingly.
In This case take benefit of Interest cost on bank borrowing, Manciple Tax (if paid during the year) and Standard deduction of 30%.
No other expenditure are admissible for calculating Tax liabilities.
Income from rent taxable under the head Income from house property and Taxable accordingly.
In This case take benefit of Interest cost on bank borrowing, Manciple Tax (if paid during the year) and Standard deduction of 30%.
No other expenditure are admissible for calculating Tax liabilities.
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
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
