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The annual rent of let-out residential house of Shri Harshadkumar is Rs.96,000 and fair rent of the house is Rs.65,000 annually and the standard rent under the rent Control Act is Rs.60,000. The assessee has paid Rs. 12,000 at 15% of the Annual valuation, as the municipal taxes. What would be his taxable Income from House Property for the A.Y.2020-21?
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The annual rent of let-out residential house of Shri Harshadkumar is R...
Calculation of Taxable Income from House Property for AY 2020-21

Annual Rent Received
- The annual rent received by Shri Harshadkumar is Rs. 96,000

Fair Rent
- The fair rent of the house is Rs. 65,000 annually

Standard Rent
- The standard rent under the Rent Control Act is Rs. 60,000

Municipal Taxes Paid
- The assessee has paid Rs. 12,000 at 15% of the Annual valuation, as the municipal taxes.

Calculation of Gross Annual Value (GAV)
- GAV will be the higher of the following:
- Annual rent received: Rs. 96,000
- Fair rent: Rs. 65,000
- GAV = Rs. 96,000

Calculation of Net Annual Value (NAV)
- NAV = GAV - Municipal taxes paid
- NAV = Rs. 96,000 - Rs. 12,000
- NAV = Rs. 84,000

Calculation of Annual Value (AV)
- Since NAV is higher than standard rent, AV will be the same as NAV.
- AV = Rs. 84,000

Calculation of Deductions
- Municipal taxes paid: Rs. 12,000
- Standard deduction (30% of AV): Rs. 25,200 (30% of Rs. 84,000)

Taxable Income from House Property
- Taxable Income from House Property = AV - (Municipal taxes paid + Standard deduction)
- Taxable Income from House Property = Rs. 84,000 - (Rs. 12,000 + Rs. 25,200)
- Taxable Income from House Property = Rs. 46,800

Conclusion
- Shri Harshadkumar's taxable income from house property for AY 2020-21 is Rs. 46,800.
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The annual rent of let-out residential house of Shri Harshadkumar is Rs.96,000 and fair rent of the house is Rs.65,000 annually and the standard rent under the rent Control Act is Rs.60,000. The assessee has paid Rs. 12,000 at 15% of the Annual valuation, as the municipal taxes. What would be his taxable Income from House Property for the A.Y.2020-21?
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The annual rent of let-out residential house of Shri Harshadkumar is Rs.96,000 and fair rent of the house is Rs.65,000 annually and the standard rent under the rent Control Act is Rs.60,000. The assessee has paid Rs. 12,000 at 15% of the Annual valuation, as the municipal taxes. What would be his taxable Income from House Property for the A.Y.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 The annual rent of let-out residential house of Shri Harshadkumar is Rs.96,000 and fair rent of the house is Rs.65,000 annually and the standard rent under the rent Control Act is Rs.60,000. The assessee has paid Rs. 12,000 at 15% of the Annual valuation, as the municipal taxes. What would be his taxable Income from House Property for the A.Y.2020-21? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The annual rent of let-out residential house of Shri Harshadkumar is Rs.96,000 and fair rent of the house is Rs.65,000 annually and the standard rent under the rent Control Act is Rs.60,000. The assessee has paid Rs. 12,000 at 15% of the Annual valuation, as the municipal taxes. What would be his taxable Income from House Property for the A.Y.2020-21?.
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