income tax
This query is : Resolved
GIRISH D.P
(Querist)
15 July 2009
Dear Friends N Respected Seniors.,
From the following data,furnished by Mr Rajesh,determine the value of the house property built upon a freehold land in 1985 in Delhi.
1)Munncipal Value for the previous year 2005-06 2,00,000.
2)Rental Value 4,00,000.
3)Municipal Tax Outstanding 25,000.
4)Cost of the House property 30,00,000.
5)Aggregate Area 1000sq.yds.
6)Minimum area to be left open 75%of Agg.Value
7)Built-up-area 15%of Agg.Area
Pls clarify anyone regarding this.
Advance Thanks.
GIRISH
From the following data,furnished by Mr Rajesh,determine the value of the house property built upon a freehold land in 1985 in Delhi.
1)Munncipal Value for the previous year 2005-06 2,00,000.
2)Rental Value 4,00,000.
3)Municipal Tax Outstanding 25,000.
4)Cost of the House property 30,00,000.
5)Aggregate Area 1000sq.yds.
6)Minimum area to be left open 75%of Agg.Value
7)Built-up-area 15%of Agg.Area
Pls clarify anyone regarding this.
Advance Thanks.
GIRISH
CA Tilak Raj Sharma
(Expert)
15 July 2009
what would you like from us? House property income, is it rented, or deemed to be let out?
Abhishek Mohta
(Expert)
16 July 2009
Calculation of Gross Maintainable Rent:
Annual Rent: 400000
Less: 15% of the GMR 60000
Less: Municipal Taxes 25000
NMR 315000
Value of the property:
NMR * 12.5 3937500
Adjustment for unbuilt area
Unbuilt Area: 85% of the aggregate Area
Specified Area: 75% of the aggregate Area
Thus adjustment will be 20% of the Value
Value of the Property: 4725000
Annual Rent: 400000
Less: 15% of the GMR 60000
Less: Municipal Taxes 25000
NMR 315000
Value of the property:
NMR * 12.5 3937500
Adjustment for unbuilt area
Unbuilt Area: 85% of the aggregate Area
Specified Area: 75% of the aggregate Area
Thus adjustment will be 20% of the Value
Value of the Property: 4725000
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