Question

Mr. Virat has constructed a big house whose construction was completed on 1st August 2017,
Its annual rental value is 6 Lakh as per municipal corporation. The Corporation has charged
the following taxes on its valuation- (a) Property tax 8% (b) Water tax 3% (c) Light tax 4%
The house is used for the following purposes-
(i) 1/3rd Portion for self-residence, (ii) 1/3rd Portion for self-clinic, (iii) 1/3rd Portion let out
for residential purpose at the rent of * 27,500 per month. The following expenses were paid
in relation to the house repairs 14,600, Insurance Premium 39,000, Lease rent 11,800
Rent collection charges 11,000, Annual charges 6,000, For the financing of the construction
of the house, he has taken a loan from HDFC. Bank 25 Lakh @ 12%, for which interest
3,00,000 was due.
Compute income from house property for the Assessment Year 2020-21.​

Answer 1

Answer:

Mr. Virat has constructed a big house whose construction was completed on 1st August 2017,

Its annual rental value is 6 Lakh as per municipal corporation. The Corporation has charged

the following taxes on its valuation- (a) Property tax 8% (b) Water tax 3% (c) Light tax 4%

The house is used for the following purposes-

(i) 1/3rd Portion for self-residence, (ii) 1/3rd Portion for self-clinic, (iii) 1/3rd Portion let out

for residential purpose at the rent of * 27,500 per month. The following expenses were paid

in relation to the house repairs 14,600, Insurance Premium 39,000, Lease rent 11,800

Rent collection charges 11,000, Annual charges 6,000, For the financing of the construction

of the house, he has taken a loan from HDFC. Bank 25 Lakh @ 12%, for which interest

3,00,000 was due.

Compute income from house property for the Assessment Year 2020-21.