Matter of query of house property calculation

Tax queries 655 views 8 replies

good evening sir
my freind from uttarakhand ( kashipur) Income from House Property Calculation COMPUTATION OF INCOME FROM LET OUT HOUSE PROPERTY
Gross Annual Value xxxxxxx
Less: Municipal Taxes xxxxxxx
Net Annual Value xxxxxxx
Less: Deductions under Section 24 -
Statutory Deduction (30% of NAV) xxxxxxx -
 Interest on Borrowed Capital xxxxxxx
Income From House Property xxxxxx
My emi is 30000 (25000+5000) plz fill my calculation. because sir i don"t know municiple value and gav plz sir help

Replies (8)

Assumed as 25000 as principal and 5000 as interest portion

i am providing the below calculation

you claim deduction of Rs.25000 u/s 80c

5000 interest portion can be deducted As per section 24

 

sir can you solve my calculation please  in formet given above

sir pls GAV is required and Municipal taxes paid required

 

how can i know this

sir, without knowing the GAV we can't fill the format.

 

sir any idea to get gav and municiple tax

GAV is actual rent or expected rent whichever is higher..........................for municipal tax,ur frnd must b paying it.......thats property tax which v pay to MCD

 

Gross Annual Value=actual rent or expected rent whichever is higher
Less: Municipal Taxes=property tax paid by landlord not tenant

Net Annual Value =

Less: Deductions under Section 24 -
Statutory Deduction (30% of NAV) -
Interest on Borrowed Capital -5000
Income From House Property xxxxxx
 


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