Question

TU
TO
सारा पगाण
The Municipal Valuation of a house property is 1,35,000. Its fair rent is? 2.10,000 and standard rent is
1,80,000. The house property has been let for 20,000 p m Municipal taxes paid during the previous year
were 50,000. The house remained vacant for two months during the previous year Compute the annual value
for the assessment year 2019-20.​

Answer 1

Answer:

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Explanation:

If you have a house/flat that is either rented out or kept vacant you need to know about income from house property for income tax calculation purposes. This is also important for tax saving if you want to set off the interest you are paying on any home loantaken for the same house against the income from house property.

A person's gross total income chargeable to tax is a sum of income under various heads such as 'income from salary', 'income from other sources' etc. One of these heads of income is 'Income from House Property'. While filing returns for the FY 2018-19, an individual is required to provide the break-up of the income from house property.