Income from House Property
This query is : Resolved
PANKAJ JAIN
(Querist)
01 January 2009
I am residing in agra in my residential property. I have a commercial property in mumbai which was let out during the previous year 2007-08 for only 3 months @ rs.30000/- per month.The municipal value of the above property is rs.350000/-. What will be the gross annual value for the purpose of " Income from house property " - rs.350000/- or rs.90000/- (30000*3).
K V Subba Rao
(Expert)
02 January 2009
Gross Annual Value Rs 30000 x 12 = Rs 360000
Less:Vacancy Allowance Rs 30000 x 9 = Rs 270000
Balance Rs 90000 is taxable (In effect, what you realised only is taxable.
Remember you will get Property Tax deduction proportionately for 3 momths only.
Less:Vacancy Allowance Rs 30000 x 9 = Rs 270000
Balance Rs 90000 is taxable (In effect, what you realised only is taxable.
Remember you will get Property Tax deduction proportionately for 3 momths only.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
