income tax
This query is : Resolved
16 July 2009
Ramesh owns a property.It is given on rent (rent being Rs10,000 p.m)to a bank.Municipal Value of the property is Rs 1,50,000.Fair rent is Rs 1,60,000 and standard rent is Rs1,50,000.Municipal tax paid by Ramesh is as follows-
Rs 26,000 on March 3,2008 and Rs 35,000 on May 10,2008.On May 1,2008 rent is increased from Rs 10,000 to Rs 15,000,with retrospective effect from 01-04-2007.Arrears of rent 2007-08 are paid in May 1,2007.what is the income chargeable to tax for the Assessment Years,2008-09
and 2009-10.
pls clarify regarding this.
Advance Thanks
GIRISH.
Rs 26,000 on March 3,2008 and Rs 35,000 on May 10,2008.On May 1,2008 rent is increased from Rs 10,000 to Rs 15,000,with retrospective effect from 01-04-2007.Arrears of rent 2007-08 are paid in May 1,2007.what is the income chargeable to tax for the Assessment Years,2008-09
and 2009-10.
pls clarify regarding this.
Advance Thanks
GIRISH.
17 July 2009
Assessment Year 2008-09
Annual Value of the House:
Municipal Value 150000
Fair Rent 160000
Standard Rent 150000
(I) (Municipal Value or Fair Rent whichever is higher subject to maximum of standard rent) 150000
Actual Rent 120000
Annual Value: Value in (I) or actual rent whichever is greater
Gross Annual Value 150000
Less: Municipal Taxes paid 26000
Net Annual Value 124000
Less: Deduction U/s 24
a.30% of the Annual Value 37200
b.Interest on housing loan nil
37200
Income from House Property 86800
Tax: Nil as income less than exemption limit assuming no other source of income
Assessment Year 2009-10
Annual Value of the House:
Municipal Value 150000
Fair Rent 160000
Standard Rent 150000
(I) (Municipal Value or Fair Rent whichever is higher subject to maximum of standard rent) 150000
Actual Rent 180000
Annual Value: Value in (I) or actual rent whichever is greater
Gross Annual Value 180000
Less: Municipal Taxes paid 35000
Net Annual Value 145000
Less: Deduction U/s 24
a.30% of the Annual Value 43500
b.Interest on housing Loan nil
43500
101500
Add: Arrears of Rent U/s 25B 60000
Income from House Property 161500
Tax: Rs. 1150 assuming no other source of income
Revised Return for Assessment Year 2008-09
Annual Value of the House:
Municipal Value 150000
Fair Rent 160000
Standard Rent 150000
(I) (Municipal Value or Fair Rent whichever is higher subject to maximum of standard rent) 150000
Actual Rent 180000
Annual Value: Value in (I) or actual rent whichever is greater
Gross Annual Value 180000
Less: Municipal Taxes paid 26000
Net Annual Value 154000
Less: Deduction U/s 24
a.30% of the Annual Value 46200
b.Interest on housing loan nil
46200
Income from House Property 107800
Tax: Nil as less than exemption limit assuming no other sources of income
My advise is to file a revised return as it saves tax but of course considering that last date of filing revised return has not passed.
Annual Value of the House:
Municipal Value 150000
Fair Rent 160000
Standard Rent 150000
(I) (Municipal Value or Fair Rent whichever is higher subject to maximum of standard rent) 150000
Actual Rent 120000
Annual Value: Value in (I) or actual rent whichever is greater
Gross Annual Value 150000
Less: Municipal Taxes paid 26000
Net Annual Value 124000
Less: Deduction U/s 24
a.30% of the Annual Value 37200
b.Interest on housing loan nil
37200
Income from House Property 86800
Tax: Nil as income less than exemption limit assuming no other source of income
Assessment Year 2009-10
Annual Value of the House:
Municipal Value 150000
Fair Rent 160000
Standard Rent 150000
(I) (Municipal Value or Fair Rent whichever is higher subject to maximum of standard rent) 150000
Actual Rent 180000
Annual Value: Value in (I) or actual rent whichever is greater
Gross Annual Value 180000
Less: Municipal Taxes paid 35000
Net Annual Value 145000
Less: Deduction U/s 24
a.30% of the Annual Value 43500
b.Interest on housing Loan nil
43500
101500
Add: Arrears of Rent U/s 25B 60000
Income from House Property 161500
Tax: Rs. 1150 assuming no other source of income
Revised Return for Assessment Year 2008-09
Annual Value of the House:
Municipal Value 150000
Fair Rent 160000
Standard Rent 150000
(I) (Municipal Value or Fair Rent whichever is higher subject to maximum of standard rent) 150000
Actual Rent 180000
Annual Value: Value in (I) or actual rent whichever is greater
Gross Annual Value 180000
Less: Municipal Taxes paid 26000
Net Annual Value 154000
Less: Deduction U/s 24
a.30% of the Annual Value 46200
b.Interest on housing loan nil
46200
Income from House Property 107800
Tax: Nil as less than exemption limit assuming no other sources of income
My advise is to file a revised return as it saves tax but of course considering that last date of filing revised return has not passed.
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
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- 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
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
