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Income from house property
Mr. laxman Owns a house property at jalgaon property is dividend in 2nd equal unit 1st and unit 2nd. while unit 1st is self occupied and unit 2nd is let out. Details of property (unit 1st and unit 2nd) Municipal value Rs 1,78,000,p.a.fair rent Rs 1,70,000 p.a. standard rent Rs 1,82,000 p.a. Annual rent Rs 90,000 p.a. Reports Rs 10,000. Insurance Rs 10,000.Municipal tax imposed at 10 percent. calculate income from house property.
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@ Mr Jayant Mahajan.,
Your question is not cleared... You only can clear Your query... as per you
1st part is self occupied. So, no more question about it...
2nd part is let out... But, what is rent value...?
You said 1.82 lakhs & again 90k. So, which value is correct rent value...?
Ask Your query correctly then Only You can get exact solution from our CCI experts...
Your question is not cleared... You only can clear Your query... as per you
1st part is self occupied. So, no more question about it...
2nd part is let out... But, what is rent value...?
You said 1.82 lakhs & again 90k. So, which value is correct rent value...?
Ask Your query correctly then Only You can get exact solution from our CCI experts...
A.fair rent is rs 170000
b.municipal value 178000
c.higher of both is 178000
d.standard rent is rs 182000
e.expected rent ( lower of c or d) is rs 178000
f.actual rent is rs 90000
gross annual value higher of (e or f) is 178000
less municipal tax is rs 17800
net annual value 160200
less standard deduction 48060
income from hp is rs 112140
b.municipal value 178000
c.higher of both is 178000
d.standard rent is rs 182000
e.expected rent ( lower of c or d) is rs 178000
f.actual rent is rs 90000
gross annual value higher of (e or f) is 178000
less municipal tax is rs 17800
net annual value 160200
less standard deduction 48060
income from hp is rs 112140
AGREED with ACA Sarita Laddha !
Thx sir
How did you get municipal value and standard rent
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