Mr. Vikas owns a house property whose Municipal Value, Fair Rent and Standard Rent are ` 96,000, ` 1,26,000 and ` 1,08,000 (per annum), respectively. During the Financial Year 2017-18, one-third of the portion of the house was let out for residential purpose at a monthly rent of ` 5,000. The remaining two-third portion was self-occupied by him. Municipal tax @ 11 % of municipal value was paid during the year. The construction of the house began in June, 2010 and was completed on 31-5-2013. Vikas took a loan of ` 1,00,000 on 1-4-2010 for the construction of building. He paid interest on loan @ 12% per annum and every month such interest was paid. Compute income from house property of Mr. Vikas for the Assessment Year 2018-19.
Aug. 04, 2018