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Mr. nanarendra is the ownwer of the four houses. the municipal valaution is 25000,32000,24000,60000 the municipality leivied 10%tax on the municipal value of these house .in first house narendra resides himself and in second house he runs his own business the profit of which during the previous year amounted to 100000 .the other two house have been let out at a monthly rent 1000 and 2550o 0sorry its 5500 respectively. he uses 1/3rd portuon of the house for his residence and the rent of 1000 received only for 2/3 portion of this house the fourth house remained vacant for four months from april to july. the unrealise ddrent of the ast years in respect if the fourth house amounted to 50000 compute the taxable income of the house property for the assement year 2019-82020
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Mr. nanarendra is the ownwer of the four houses. the municipal valaut...
Taxable Income from House Property for Assessment Year 2019-2020

Head of Income - Income from House Property
Income Tax Laws - Section 22 to Section 27 of the Income Tax Act, 1961

Municipal Valuation of the Houses
- House 1: 25000
- House 2: 32000
- House 3: 24000
- House 4: 60000

Tax Levied by Municipality - 10% of Municipal Valuation
- House 1: 2500
- House 2: 3200
- House 3: 2400
- House 4: 6000

Details of the Houses
- House 1: Self-occupied
- House 2: Business Property with Profit of 100000
- House 3: Let out at Rent of 25500 per month for 1/3 portion and 1000 per month for 2/3 portion
- House 4: Vacant for 4 months with unrealized rent of 50000

Calculation of Annual Value of the Houses
- House 1: Annual Value is 0 since it is self-occupied
- House 2: Annual Value is 100000 since it is a business property
- House 3: Annual Value is (25500 x 4 months) + (1000 x 8 months) = 104000
- House 4: Annual Value is (60000 x 8 months) = 480000

Calculation of Gross Annual Value
- Gross Annual Value is the sum of Annual Value of all the Houses
- Gross Annual Value = 100000 + 104000 + 480000 = 684000

Calculation of Net Annual Value
- Net Annual Value is the Gross Annual Value minus the Municipal Taxes paid
- Net Annual Value = 684000 - (2500 + 3200 + 2400 + 6000) = 672900

Calculation of Deductions
- Deduction for House 1 is 0 since it is self-occupied
- Deduction for House 2 is 0 since it is a business property
- Deduction for House 3 is 104000 x (1/3) = 34667 (1/3 portion used for residence)
- Deduction for House 4 is 0 since it was vacant for more than 1 month

Calculation of Income from House Property
- Income from House Property is the Net Annual Value minus the Deductions
- Income from House Property = 672900 - 34667 = 638233

Taxable Income from House Property
- Taxable Income from House Property is the Income from House Property after deducting Standard Deduction of 30%
- Taxable Income from House Property = 638233 - (30% of 638233) = 446763.10

Conclusion
The taxable income from house property for the assessment year 2019-2020 is 446763.10.
Community Answer
Mr. nanarendra is the ownwer of the four houses. the municipal valaut...
While computing income chargeable to tax under the head “Income from house property” in case of a let-out property, the taxpayer can claim deduction under section 24(b) on account of interest on loan taken for the purpose of purchase, construction, repair, renewal or reconstruction of the property.
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Mr. nanarendra is the ownwer of the four houses. the municipal valaution is 25000,32000,24000,60000 the municipality leivied 10%tax on the municipal value of these house .in first house narendra resides himself and in second house he runs his own business the profit of which during the previous year amounted to 100000 .the other two house have been let out at a monthly rent 1000 and 2550o 0sorry its 5500 respectively. he uses 1/3rd portuon of the house for his residence and the rent of 1000 received only for 2/3 portion of this house the fourth house remained vacant for four months from april to july. the unrealise ddrent of the ast years in respect if the fourth house amounted to 50000 compute the taxable income of the house property for the assement year 2019-82020 Related: Income from House Property - Head of Income, Income Tax Laws?
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Mr. nanarendra is the ownwer of the four houses. the municipal valaution is 25000,32000,24000,60000 the municipality leivied 10%tax on the municipal value of these house .in first house narendra resides himself and in second house he runs his own business the profit of which during the previous year amounted to 100000 .the other two house have been let out at a monthly rent 1000 and 2550o 0sorry its 5500 respectively. he uses 1/3rd portuon of the house for his residence and the rent of 1000 received only for 2/3 portion of this house the fourth house remained vacant for four months from april to july. the unrealise ddrent of the ast years in respect if the fourth house amounted to 50000 compute the taxable income of the house property for the assement year 2019-82020 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. nanarendra is the ownwer of the four houses. the municipal valaution is 25000,32000,24000,60000 the municipality leivied 10%tax on the municipal value of these house .in first house narendra resides himself and in second house he runs his own business the profit of which during the previous year amounted to 100000 .the other two house have been let out at a monthly rent 1000 and 2550o 0sorry its 5500 respectively. he uses 1/3rd portuon of the house for his residence and the rent of 1000 received only for 2/3 portion of this house the fourth house remained vacant for four months from april to july. the unrealise ddrent of the ast years in respect if the fourth house amounted to 50000 compute the taxable income of the house property for the assement year 2019-82020 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. nanarendra is the ownwer of the four houses. the municipal valaution is 25000,32000,24000,60000 the municipality leivied 10%tax on the municipal value of these house .in first house narendra resides himself and in second house he runs his own business the profit of which during the previous year amounted to 100000 .the other two house have been let out at a monthly rent 1000 and 2550o 0sorry its 5500 respectively. he uses 1/3rd portuon of the house for his residence and the rent of 1000 received only for 2/3 portion of this house the fourth house remained vacant for four months from april to july. the unrealise ddrent of the ast years in respect if the fourth house amounted to 50000 compute the taxable income of the house property for the assement year 2019-82020 Related: Income from House Property - Head of Income, Income Tax Laws?.
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