Income from house property

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ramakanth chhaparwal (Querist)

23 December 2011 we filed for the asst year 10-11 as income from house property, rent recd from 01-04-2009 to 31-03-2010 is rs 120000( 10 *12mnths) tenant vacated the premises on 01-04-2010 and through out the previous year premises is vacant and question is for the asst year 11-12 how to show the income from house property

Aijaz Shaikh

Aijaz Shaikh (Expert)

23 December 2011 Gross annual value will be standard rent as per rent control act.

Less: Muncipal Taxes Paid

Net Annual Value

Less : Deduction u/s 24
30% of Net Annual Value
Interest on Housing Loan

Income from House Property

CMA Arif Farooqui

CMA Arif Farooqui (Expert)

24 December 2011 First calculate Gross Annual Value (GAV)
GAV is Higher of Fair Rental Value and Munispal Value but limited to Standard Rent.
then
GAV ******
- Munispal Tax
----------------
Net Annual Value
- 30%
- Intrest
-------------
Income from HP

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