Ms. Shreya 33 years old a non resident owns a house in India which is let out wed 1st October 2018 . The construction of the house was completed on 1st Sept 2018 . The house is let out on a monthly rent of RS. 75,000 . Rent of two months could not be realized . Other details of the house are as follows:
Municipal valuation - RS. 50,000pm
Municipal taxes due for 2018-19 - RS. 50,000 out if which taxes I paid during the year are RS. 30,000 . Out of this RS. 30,000 , RS. 20,000 is paid by the owner and RS. 10,000 is paid
Answers
Answer:
Explanation:
Total Income Computation of Tax Liability on 441625
On first 250,000 = Nil
On Balance 191625 @5 %= 9581
Less : Rebate 87 A = Nil
Add: Health Education @4 % = 383
total = 9964
Deduction on spending of 30,000 on medical treatment u/s 80 DDB is not applicable to a non resident assess short term capital loss can be set off against short term capital gain. inter head set off not allowed.
Municipal value
(50000 * 7) 350000
month rent 750000*6 450000
unrealised rent ( 75000 *2) 150000
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300000
less municipal taxes 20000
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Net annual value 280000
Deduction u/s
30 % of NAV
30% of 84000
interest on loan from HDFC 408375
loss from house property ( 128375 )
Add: income from other sources 570000
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Total income 441625