i have a one rented industrial property & two residential property,one of these self occupied property & another vacant property,then how to compute income for fy 2019/20 should be done
Thanks...
For rented house:
Step 1 : Compute Higher of Fair value of property and Municipal value subject to lower of Standard Rent.
Step 2 : Ascertain gross value.
Less : Municipal tax paid
= Net annual value
Less : Standard Deduction u/s 24(a) @ 30% on NAV
Less : Interest on loan u/s 24(b) {if there is loan thaken for property}
= Income from house property.
For self occupied house:
NAV should be NIL
Less : interest on loan u/s 24(b)
CAclubindia
