Question

mr. ram owns a house property. its annual letting value is 80000. during the previous year,it was let out to a tenant on a monthly rent of 7000. he claimed the following:1) municipal taxes rs. 80002) expenses for the recovery of rent of rs. 6003) maintenance allowance paid to the step mother rs. 12000 annually which was a charge on the property according to his father's will.the hóuse remained vacant for one month during previous year . find out the income from house property for the assessment year 2019- 2020.plz answers fast​

Answer 1

According to the rules of income tax the income from house property will be 50400.

Explanation:

To calculate income from house property the assesses need the following items:

municipal value = it means value of property as per municipality record.

fair rent = it means the rent of similar property in same locality.

standard rent = it means the rent as per rent control Act .

actual rent = the rent which is need to be received during the year.

Gross annual value = 80000

- municipal taxes      = (8000)

 =net annual value    = 72000

deduction @ 30%      =(21600)

IFHP                           = 50400