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Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 120000. The house property has been let out for 12000 p.m. and was vacnat for one month dyring the previous year 2019-20. Muncipal taxes during the year were 40000. Compute the annual value for assesment year 2020-21.?
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Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 1200...
Calculation of Annual Value for Assessment Year 2020-21

Given:
- Municipal Value = 90,000
- Fair Rent = 1,40,000
- Standard Rent = 1,20,000
- Rent received = 12,000 per month
- Vacancy for 1 month
- Municipal Taxes = 40,000

Step 1: Calculation of Annual Rent Received
- Rent received per month = 12,000
- Rent received for 11 months = 12,000 x 11 = 1,32,000
- Rent received for 1 month (vacancy) = 0
- Annual Rent Received = 1,32,000 + 0 = 1,32,000

Step 2: Calculation of Expected Rent
- Expected Rent = Fair Rent or Municipal Value (whichever is higher)
- Expected Rent = 1,40,000 (because it is higher than Municipal Value of 90,000)

Step 3: Calculation of Gross Annual Value
- Gross Annual Value = Expected Rent x Rent Received / Expected Rent
- Gross Annual Value = 1,40,000 x 1,32,000 / 1,40,000
- Gross Annual Value = 1,32,000

Step 4: Calculation of Net Annual Value
- Net Annual Value = Gross Annual Value - Municipal Taxes
- Net Annual Value = 1,32,000 - 40,000
- Net Annual Value = 92,000

Therefore, the Annual Value for Assessment Year 2020-21 is 92,000.
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Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 1200...
Question 10: Municipal Value of a house is Rs 90,000, Fair Rent, Rs 1,40,000, Standard Rent Rs 1,20,000. The house property has been let for Rs 12,000 p.m. and was vacant for one month during the previous year 2020-21. Municipal taxes paid during the year were Rs 40,000. Compute the Net Annual Value for the Assessment Year 2021-22. 
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Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 120000. The house property has been let out for 12000 p.m. and was vacnat for one month dyring the previous year 2019-20. Muncipal taxes during the year were 40000. Compute the annual value for assesment year 2020-21.?
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Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 120000. The house property has been let out for 12000 p.m. and was vacnat for one month dyring the previous year 2019-20. Muncipal taxes during the year were 40000. Compute the annual value for assesment year 2020-21.? 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 Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 120000. The house property has been let out for 12000 p.m. and was vacnat for one month dyring the previous year 2019-20. Muncipal taxes during the year were 40000. Compute the annual value for assesment year 2020-21.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Muncipal value is 90,000 , fair eent is 1,40,000 standard rent is 120000. The house property has been let out for 12000 p.m. and was vacnat for one month dyring the previous year 2019-20. Muncipal taxes during the year were 40000. Compute the annual value for assesment year 2020-21.?.
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