How can estimation GDP using income and expenditure method be identical when households do not spent their entire
income on the purchase of good and services and a
part of them remain unsold during an accounting year ?
Answers
Answer:
Ms. Shreya, 33 years old, a non-resident, owns a house in India which is let out wef 1st
October 2018. The construction of the house was completed on 1st Sept. 2018. The house
is let out on a monthly rent of Rs. 75,000. Rent of two months could not be realized. Other
details of the house are as follows:
Municipal valuation - Rs. 50,000 pm
Municipal taxes due for 2018-19 - Rs. 50,000 out of which taxes paid during the year are
Rs. 30,000. Out of this Rs. 30,000, Rs. 20,000 is paid by the owner and Rs. 10,000 is paid
by the tenant during the previous year 2018-19.
Ms. Shreya took a loan of Rs. 15,00,000 from HDFC Bank on 1st September 2013 @
12.5% per annum for construction of this house. Rs. 2,00,000 was repaid on 31st March
2016. Remaining amount is unpaid so far.
Compute net income and tax liability of Ms. Shreya for the assessment year 2019-20. She
spends Rs. 30,000 on medical treatment of her dependant brother who is suffering from a
disease specified in the rules made by the Board and claims a deduction for the same under
relevant section. Her income from other sources is Rs. 5,70,000 and a loss of Rs. 50,000
(short term) from Capital Gains head.
How can estimation GDP using income and expenditure method be identical when households do not spent their entire
income on the purchase of good and services and a
part of them remain unsold during an accounting year
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