kindly tell me how much interest should be deducted from the gross annual value u/s 24 in the following question :-
Mr. K is the owner of a house, the construction of which was completed on 31/10/93 and was let out from 01/11/93 at a rent of Rs. 2000 per month.
Municipal valuation is Rs.22500. From the other information given below compute the income from house property of Mr. K for the AY 01-02
1) Municipal tax of Rs.3600 for 18 months up to 30/06/01 paid on 30/09/2000.
2) Interest for the construction period was Rs.10000. Amount of loan was Rs.50000 on which interest was payable at 10% per annum. On 01/11/2000 he took a fresh loan from his employer of Rs.20000 @ 5% per annum to repay the outstanding loan.
3) land revenue paid Rs.1000 of which Rs.200 is for the financial year 1999-2000 and Rs.300 for financial year 2001-02.
4) Insurance premium against fire risk Rs.500 was paid on 20/06/2000
5) Cost of painting of the interior of the building Rs.500 paid on 30/03/2001
6) The tenant left the house on 31/08/2000 without notice, leaving last six months rent outstanding which can not be recovered.
7) Mr. K occupied the premises from 1st october 2000 for self occupation.
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