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Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20
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Mr A is the owner of house property in Delhi. The construction of the ...
Annual Value of House Property for Assessment Year 2019-20
To calculate the annual value of Mr A's house property in Delhi for the assessment year 2019-20, we need to consider various factors such as actual rent received, standard rent, municipal valuation, and taxes paid by the owner.
Head of Income: Income from House Property
Income from house property is one of the five heads of income under the Income Tax Act, 1961. It includes income earned by an individual from a house property that he owns, whether it is let-out or self-occupied.
Calculation of Annual Value
The annual value of a house property is the sum of the actual rent received or receivable by the owner and the deemed rent, which is the higher of the municipal valuation or the standard rent.
In the case of Mr A's house property, the annual value can be calculated as follows:
Deemed Rent:
- Municipal Valuation: Rs 1,65,000
- Standard Rent: Rs 2,20,000
- Deemed Rent: Rs 2,20,000 (since it is higher than the municipal valuation)
Actual Rent Received: Rs 1,92,000 (i.e., Rs 48,000 per unit x 4 units)
Annual Value: Rs 4,12,000 (i.e., Deemed Rent + Actual Rent Received)
Deductions
From the annual value, certain deductions are allowed under Section 24 of the Income Tax Act, such as:
- Standard deduction of 30% of the net annual value
- Interest paid on home loan (up to Rs 2 lakh for a self-occupied property)
After deducting these amounts, the final taxable income from house property can be calculated.
Conclusion
In conclusion, the annual value of Mr A's house property in Delhi for the assessment year 2019-20 is Rs 4,12,000. This amount will be used to calculate the taxable income from house property, after deducting the allowable deductions.
To calculate the annual value of Mr A's house property in Delhi for the assessment year 2019-20, we need to consider various factors such as actual rent received, standard rent, municipal valuation, and taxes paid by the owner.
Head of Income: Income from House Property
Income from house property is one of the five heads of income under the Income Tax Act, 1961. It includes income earned by an individual from a house property that he owns, whether it is let-out or self-occupied.
Calculation of Annual Value
The annual value of a house property is the sum of the actual rent received or receivable by the owner and the deemed rent, which is the higher of the municipal valuation or the standard rent.
In the case of Mr A's house property, the annual value can be calculated as follows:
Deemed Rent:
- Municipal Valuation: Rs 1,65,000
- Standard Rent: Rs 2,20,000
- Deemed Rent: Rs 2,20,000 (since it is higher than the municipal valuation)
Actual Rent Received: Rs 1,92,000 (i.e., Rs 48,000 per unit x 4 units)
Annual Value: Rs 4,12,000 (i.e., Deemed Rent + Actual Rent Received)
Deductions
From the annual value, certain deductions are allowed under Section 24 of the Income Tax Act, such as:
- Standard deduction of 30% of the net annual value
- Interest paid on home loan (up to Rs 2 lakh for a self-occupied property)
After deducting these amounts, the final taxable income from house property can be calculated.
Conclusion
In conclusion, the annual value of Mr A's house property in Delhi for the assessment year 2019-20 is Rs 4,12,000. This amount will be used to calculate the taxable income from house property, after deducting the allowable deductions.
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Mr A is the owner of house property in Delhi. The construction of the ...
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Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws?
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Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws?.
Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws?.
Solutions for Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? in English & in Hindi are available as part of our courses for B Com.
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Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws?, a detailed solution for Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? has been provided alongside types of Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? theory, EduRev gives you an
ample number of questions to practice Mr A is the owner of house property in Delhi. The construction of the property was completed on 30th Nov 2015. The property consists of 4 units . Actual rent received for each unit is RS 48000 per annum. standard rent of the property under the Delhi rent control act is RS 220000,municipal valuation of the property is RS 1,65 000. Rent of a similar in the same locality isRs 200000 municipal taxes paid for the whole house by Mr.A during the previous year isRs 35000. Three units are letout for residential purposes and one for professional purpose . find out the annual value of the property for the assessment year2019-20 Related: Income from House Property - Head of Income, Income Tax Laws? tests, examples and also practice B Com tests.
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