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.Arun could not occupy his unit for six months as he was transferred to Chennai. He does
not own any other house.
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Two brothers Arun and Bimal are co-owners of a house-property with equal share. The property was constructedduring the financial year 1998-1999. The property consists of eight identical 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 werelet out at a rent of Rs. 12,000 per month per unit. The municipal value of the house. Property is Rs. 9,00,000 and themunicipal taxes are 20% of municipal value, which were paid during the year. The other expenses were as follows:●Repairs 40,000●Insurance Premium (Paid) 15,000●Interest payable on loan taken for construction of house 3,00,000One of the let out units remained vacant for four months during the year.Arun could not occupy his unit for six months as he was transferred to Chennai. He does not own any other house.The other income of Mr. Arun and Mr. Bimal are Rs. 2,90,000 and Rs. 1,80,000, respectively, for the financial year2018-19. Compute the income under the head ‘ Income from House property’ and the total income of two brothersfor the assessment year 2019-20To get the best out of these notes visitHouse Property | 13Join Us on YouTubeJoin Us on Telegram
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