Question

X (66 Years), a non-resident owns a house in India which is let out w.e.f. 1-10-
2019. The construction of the house was completed on 1-9-2019. The house is
let out at a monthly rent of Rs.50, 000.Rent of one month could not be realized.
Other details of the house are as follows.
Municipal valuation: Rs.40, 000 p.m.
Municipal taxes due for 2019-20: Rs.40, 000 out of which taxes 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 by the tenant during the previous year 2019-20.
X took a loan of Rs.10, 00,000 from SBI on 1-9-2014 @ 12% p.a. for construction
of this house. Rs.2, 00,000 was repaid on 31-3-2017. Remaining amount is
unpaid so far.
Compute net income and tax liability of X for the assessment year 2020-21. He
spends Rs.30, 000 on medical treatment of his dependent brother who is
suffering from a disease specified in the rules made by the board and a claims a
deduction for the same under section 80DDB.His income from other sources is
Rs.4, 74,000.

Answer 1

Explanation:

working note not given if needed can ask

Answer 2

Answer:

Explanation:

Financial year = 2019 -2020

Assessment year = 2020 - 2021

Net income

IFS   -    Nil

IFHP - 41000

PGBP - Nil

CG - Nil

IFOS - 474000

                               

        515000        

(-) Deduction (30000)

                                           

    Net income =  485000  

Tax liability on total income

0 - 250000   - Nil

Balance 235000 × 5 % - 11750

Tax = 11750

(_) rebate = -

HEC = 470

                         

  12220