Question

Information:

Municipal Value of the house Rs 50000

Municipal Taxes Paid Rs 7000

House was self-occupied. It contains two units. But one unit of the house was

let out @ Rs 1500 p.m. from 1.10.2019. In respect of the house following

expenses were incurred:

(i)

Fire Insurance Premium Rs 800

(ii)

Ground Rent Rs 1000

(iii) Land Revenue Rs 1200

A Loan of Rs 40000 was taken on 1st April, 2015 @ 15% p.a. for the construction

of this house. The house was completed on 31.5.2017 and only half the loan was

repaid till 31.3.2019.


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Answer 1

Answer:

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