Question

Mr. A owns a house at Gurgaon. Particulars of the same are given below: Rs. Municipal

valuation 3,20,000 Fair rent 3,40,000 Standard rent 3,00,000 Municipal taxes paid by Mr.

A 30,000 Land revenue (payable) 10,000 Fire insurance premium (paid) 10,000 He

borrowed Rs. 20,00,000 @ 9% p.a. from LIC Housing Premium Ltd. for the construction

of this house on 01-06-2015. Construction on this house was completed on 10-09-2017.

The entire loan amount is still outstanding. Compute his income from the house property

for the assessment year 2020-21 assuming:

a. House property is self-occupied throughout the previous year.

b. House property is let out throughout the previous year at a monthly rent of Rs. 30,000.​

Answer 1

Answer:

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