Question

Mr. Jagpal is the owner of four houses. The first house, the municipal valuation of which is 76,000 per year, is let.
out at 400 p.m. for business purposes. The tenant of this house bears the responsibility of repairs. The assessee has
occupied second, third and fourth houses for his own residential purpose. The municipal valuation of these houses is
36,000; * 7,000 and 38,000 respectively. The municipal taxes are paid @ 10% of municipal valuation. The
construction work of the fourth house was completed on 1st Feb., 2010.
Assuming that the assessee has chosen second house for self-occupancy allowance, compute Mr. Jagpal's taxable
income from house property for the assessment year 2017-18.
​

Answer 1

Answer:

48930

Explanation:

we are not taking 400 p.m which is rs 4,800 in rs 76,000 because it is for business purpose and minimum 2 houses are claimed for self occupancy as per new provision previously we would took only one house as self occupancy therefore we will take 2nd and 4th house as self occupancy so the calculation of 1st house is 76,000 - 4,800 = 71,200

71,200

less : (7600) ( municipal tax @ 10% )

63600

less : (19080) ( standard deduction @ 30% )

44520

and for 3rd house calculation

7000

less : (700) (municipal tax @ 10%)

6300

less : 1890 ( standard deduction @ 30%)

4410

so, 44520 + 4410 = 48930