Question

& Compute taxable income from house property from the following particulars :
Fair Market Rent
Actual Rent Received
Municipal Valuation
Standard Rent
Municipal Taxes
Interest paid
80,000
72,000
50,000
60,000
20%
18,000

​

Answer 1

Taxable Income From House Property = 25400

GIVEN :-

Fair Market Rent 80000

Municipal Valuation 50000

Standard Rent 60000

Actual Rent Received 72000

Interest paid 18000

Municipal tax 20%

TO FIND :- Taxable Income from House property

SOLUTION:-

Fair Market Rent 80000

Municipal Valuation 50000

Whichever is higher 80000

Standard Rent 60000

Whichever is lower 60000

Actual Rent Received 72000

Whichever is higher 72000

Gross Annual Value 72000

Computation of Taxable Income from House Property :-

Gross Annual value(GAV) 72000 72000

Less: Municipal taxes (10000)

(20% of Municipal valuation)

Net Annual Value (NAV) 62000

Less: Deduction under u/s 24

Standard Deduction @30% of NAV (18600)

Interest paid (18000)

Taxable Income From

House Property 25400

#SPJ1

Answer 2

Concept Introduction:-

It might resemble a word or a number representation of the quantity's arithmetic value. It could resemble a word or a number that represents the numerical value of the quantity.

Given Information:-

We have been given that Actual Rent Received

Municipal Valuation

Standard Rent

Municipal Taxes

Interest paid

$80,000$

$72,000\\50,000\\60,000\\20\%\\18,000$

To Find:-

We have to find that compute taxable income from house property.

Solution:-

According to the problem

Fair Market Rent $80000$

Municipal Valuation $50000$

Whichever is higher $80000$

Standard Rent $60000$

Whichever is lower $60000$

Actual Rent Received $72000$

Whichever is higher $72000$

Gross Annual Value $72000$

Computation of Taxable Income from House Property :-

Gross Annual value(GAV) $72000$

Less: Municipal taxes $(10000)$

(20% of Municipal valuation)

Net Annual Value (NAV) $62000$

Less: Deduction under u/s $24$

Standard Deduction $@30\%$ of NAV $(18600)$

Interest paid $(18000)$

Taxable Income From House Property $25400$

Final Answer:-

The correct answer is taxable income from house property is $25400$.

#SPJ2