Mr. Krishna owns a residential house in Delhi. The house is having two identical units. First unit of the house is self-occupied by Mr. Krishna and another unit is rented for ` 12,000 p.m. The rented unit was vacant for three months during the year. The particulars of the house for the previous year 2017-18 are as under: Standard rent ` 2,20,000 p.a. Municipal valuation ` 2,44,000 p.a. Fair rent ` 2,35,000 p.a. Municipal tax paid by mr. Krishna 12% of the municipal valuation. Light and water charges ` 800 p.m. Interest on borrowed capital ` 2,000 p.m. Insurance charges ` 3,500 p.a. Painting expenses ` 16,000 p.a. Compute income from house property of Mr. Krishna for the A.Y.2018-19.
Aug. 04, 2018