
My friend owns a residential house, let out for a monthly rent of Rs 15,000. The fair rental value …
My friend owns a residential house, let out for a monthly rent of Rs 15,000. The fair rental value of property is Rs 1,50,000. The house was self-occupied by him from 1st January, 2018 to 31st March, 2018.He has taken a loan from bank of Rs 22 lacs for the construction of the property, and has repaid Rs 1,05,000 (including interest Rs 40,000) during the year. What will be his income from house property for the Assessment Year 2018-19?
Help me to solve this question
Thanks,
You marked successfully unsatisfactory answer
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
-
Please hit on Submit to save your choice
OK
Virtuoso could have given a better solution.
Good
I am satisfied with virtuoso's answer.
Voila
An excellent answer I am impressed.
Excellent
I will ask my next question to this virtuoso only.
Thank you,
Yours sincerely,
Anu, Thakurani's bestie
Select the reason for validity check
I appreciate your effort. May I request you to select one of the reasons from below.
I am marking this post and your reason to Thakurani Moderators. They will take appropriate action.
Thanks,
Computation of Gross Annual Value:
- Fair Rent = Rs150,000.
- Actual rent received = 15000*9 = 135,000
- Annual value = 150,000*
* (Annual value is equal to Rs150,000 as it is higher of the 1 and 2. This proviso is applied in cases where property is self occupied (not vacant) for 3 months in the year)
Computation of Income from House Property:
Annual Value = 150,000
less: statutory deduction (@ 30%) = 45,000
less: deduction for interest = 40,000
Income from House property 65,000
Thanks,
You marked successfully unsatisfactory answer
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
-
Please hit on Submit to save your choice
OK
Virtuoso could have given a better solution.
Good
I am satisfied with virtuoso's answer.
Voila
An excellent answer I am impressed.
Excellent
I will ask my next question to this virtuoso only.
Thank you,
Yours sincerely,
Anu, Thakurani's bestie
Select the reason for validity check
I appreciate your effort. May I request you to select one of the reasons from below.
I am marking this post and your reason to Thakurani Moderators. They will take appropriate action.
Thanks,
I have doubt over this answer because the actual answer given in the book was Rs. 1,00,000/-.
Thanks,
You marked successfully unsatisfactory answer
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
-
Please hit on Submit to save your choice
OK
Virtuoso could have given a better solution.
Good
I am satisfied with virtuoso's answer.
Voila
An excellent answer I am impressed.
Excellent
I will ask my next question to this virtuoso only.
Thank you,
Yours sincerely,
Anu, Thakurani's bestie