Q3. Two brothers Arun and Bimal are co-owners of a house property with equal share. The
property was constructed during the financial year 1998-1999. The property consists of eight
identical independent units and is situated at Cochin.
During the financial year 2018-19, each co-owner occupied one unit for residence and the
balance of six units were let out at a rent of Rs 10,000 per month per unit. The municipal
value of the house property is Rs. 8,00,000 and the municipal taxes are 20% of municipal
value, which were paid during the year. The other expenses were as follows:
Repairs
Rs. 40,000
Insurance premium (paid)
Rs. 15,000
Interest payable on loan taken for construction of house
Rs. 3,00,000
One of the let-out units remained vacant for four months during the year
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