Question

9. Dr. K. K. Bansal owns a house property in Pune which is let out for * 8,000 p.m. Its municipal
valuation and municipal taxes are respectively * 80,000 and 30%. Dr. Bansal paid municipal
taxes of past four years alongwith for the current previous year. Other expenses relating to
property are following:
(i) Repair and insurance premium 7,000;
(ii) Interest for purchase of house * 42,000.
The house was vacant for three months in the year. compute income of house property.​

Answer 1

Answer:

Its municipal valuation and municipal taxes are respectively * 80,000 and 30%.

Explanation:

In most of the cases, the Actual rent received will be the Gross Annual Value of Property for the purpose of calculation of Income from House Property. Net Annual Value is Gross Annual Value minus Municipal taxes like property tax, sewerage tax and so on.

As per Section 23(1) (A) of the Income Tax Act 1961, if a person owns more than one property, any one of them will be considered for self-occupancy. Even if the other properties are vacant or used by others, they will be considered house property deemed rent-out

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