Smt. Rajalakshmi owns a house property at Adyar in Chennai. The municipal value of the property is ` 5,00,000, fair rent is ` 4,20,000 and standard rent is ` 4,80,000. The property was let-out for ` 50,000 p.m. up to December 2017. Thereafter, the tenant vacated the property and Smt. Rajalakshmi used the house for self-occupation. Rent for the months of November and December 2017 could not be realised in spite of the owner’s efforts. All the conditions prescribed under Rule 4 are satisfied. She paid municipal taxes @12% during the year. She had paid interest of ` 25,000 during the year for amount borrowed for repairs for the house property. Compute her income from house property for the A.Y. 2018-19.
Aug. 04, 2018