72-P8 X owns a 10 storey commercial complex in Mumbai. It has 60 shops and offices. For the previous year 2018-19, rent is
Rs. 44,00,000 on accrual basis. Fair rent is Rs. 34,70,000. X pays 20 per cent of municipal tax imposed by Brihan mumbai
Municipal Corporation (BMC), while the balance 80 per cent is paid by tenants (total municipal tax imposed at the rate of 14 per
cent by BMC for the previous year amounts to Rs. 5,46,000). For the previous year, X gives the following information:
Amount charged annually Expenses
from the tenants and which incurred
is included in the rent of by x
Rs. 44,00,000
Rs.
Rs.
Maintenance of lift ("including depreciation)
1,24,000 1,20,000*
Water supply
9,000 15,000
Maintenance of swimming pool
1,05,000 90,000
Lighting of stairs
2,000 6,000
Extension of water connection ("including depreciation)
50,000 46,000*
Fire insurance premium for the houses owned by X
1,50,000 2,10,000
Total
4,40,000 4,87,000
The following additional information is available -
1. Out of maintenance expenditure of swimming pool, a payment of Rs. 32,000 is made by a bearer cheque.
2. Interest on capital borrowed for the purpose of construction of some of the properties is Rs. 2,60,000 for the previous year
2018-19. Out of the outstanding loan of Rs. 25,00,000, X has repaid Rs. 90,000 on March 31, 2019 and wants to claim
deduction in respect of the repayment under section 80C.
3. Unrealised rent (defaulting tenant has not vacated, nor steps have been taken to vacate the property) : Rs. 40,000
4. Salary of manager for supervising maintenance of the complex and recovery of rent is Rs. 60,000.
5. On flat of rental value of Rs. 10,000 remains vacant during the year for a period of 6 months commencing from January 1,
2019.
6. The above property is outside the jurisdiction of the Rent Control Acts
Determine the net income of X for the assessment year 2019-20 on the assumption that he gets interest on debentures of
Rs. 3,00,000 during the previous year 2018-19.
annlicable as taxable income
Answers
Answer:
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Explanation:
72-P8 X owns a 10 storey commercial complex in Mumbai. It has 60 shops and offices. For the previous year 2018-19, rent is
Rs. 44,00,000 on accrual basis. Fair rent is Rs. 34,70,000. X pays 20 per cent of municipal tax imposed by Brihan mumbai
Municipal Corporation (BMC), while the balance 80 per cent is paid by tenants (total municipal tax imposed at the rate of 14 per
cent by BMC for the previous year amounts to Rs. 5,46,000). For the previous year, X gives the following information:
Amount charged annually Expenses
from the tenants and which incurred
is included in the rent of by x
Rs. 44,00,000
Rs.
Rs.
Maintenance of lift ("including depreciation)
1,24,000 1,20,000*
Water supply
9,000 15,000
Maintenance of swimming pool
1,05,000 90,000
Lighting of stairs
2,000 6,000
Extension of water connection ("including depreciation)
50,000 46,000*
Fire insurance premium for the houses owned by X
1,50,000 2,10,000
Total
4,40,000 4,87,000
The following additional information is available -
1. Out of maintenance expenditure of swimming pool, a payment of Rs. 32,000 is made by a bearer cheque.
2. Interest on capital borrowed for the purpose of construction of some of the properties is Rs. 2,60,000 for the previous year
2018-19. Out of the outstanding loan of Rs. 25,00,000, X has repaid Rs. 90,000 on March 31, 2019 and wants to claim
deduction in respect of the repayment under section 80C.
3. Unrealised rent (defaulting tenant has not vacated, nor steps have been taken to vacate the property) : Rs. 40,000
4. Salary of manager for supervising maintenance of the complex and recovery of rent is Rs. 60,000.
5. On flat of rental value of Rs. 10,000 remains vacant during the year for a period of 6 months commencing from January 1,
2019.
6. The above property is outside the jurisdiction of the Rent Control Acts
Determine the net income of X for the assessment year 2019-20 on the assumption that he gets interest on debentures of
Rs. 3,00,000 during the previous year 2018-19.
annlicable as taxable income