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Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.?
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Shri mukesh owns a house at Ajmer whose construction was completed on ...
Calculation of Taxable Income from House Property for Shri Mukesh
1. Computation of Annual Value
- The Annual Value of a property is determined based on various factors such as municipal valuation, fair rent, and standard rent.
- In this case, the municipal valuation of the house is ₹120,000, the fair rent is ₹100,000, and the standard rent is ₹130,000.
- The Annual Value will be the higher of the municipal valuation, fair rent, or standard rent.
- In this case, the Annual Value will be ₹130,000.
2. Deductions from Annual Value
- Certain deductions can be claimed from the Annual Value to arrive at the Net Annual Value.
- Municipal taxes paid by the tenant can be deducted from the Annual Value.
- In this case, the tenant has paid ₹10,000 as municipal taxes.
- The Net Annual Value will be ₹130,000 - ₹10,000 = ₹120,000.
3. Computation of Gross Annual Value
- Gross Annual Value is the actual rent received or receivable by the owner.
- In this case, the monthly rent received by Shri Mukesh is ₹9,000.
- The rent received for the period from August 2020 to February 2021 (7 months) will be ₹9,000 x 7 = ₹63,000.
- The rent for the month of March 2021 could not be recovered from the tenant.
- Therefore, the Gross Annual Value will be ₹63,000.
4. Deductions from Gross Annual Value
- A standard deduction of 30% can be claimed from the Gross Annual Value.
- In this case, the standard deduction will be ₹63,000 x 30% = ₹18,900.
- The Net Annual Value after deducting the standard deduction will be ₹63,000 - ₹18,900 = ₹44,100.
5. Calculation of Taxable Income from House Property
- The taxable income from house property is calculated by deducting the interest on housing loan (if any) from the Net Annual Value.
- As there is no information provided regarding any housing loan, it can be assumed that there is no interest on housing loan.
- Therefore, the taxable income from house property will be ₹44,100.
Conclusion:
The taxable income from house property for Shri Mukesh for the assessment year 2021-22 is ₹44,100.
1. Computation of Annual Value
- The Annual Value of a property is determined based on various factors such as municipal valuation, fair rent, and standard rent.
- In this case, the municipal valuation of the house is ₹120,000, the fair rent is ₹100,000, and the standard rent is ₹130,000.
- The Annual Value will be the higher of the municipal valuation, fair rent, or standard rent.
- In this case, the Annual Value will be ₹130,000.
2. Deductions from Annual Value
- Certain deductions can be claimed from the Annual Value to arrive at the Net Annual Value.
- Municipal taxes paid by the tenant can be deducted from the Annual Value.
- In this case, the tenant has paid ₹10,000 as municipal taxes.
- The Net Annual Value will be ₹130,000 - ₹10,000 = ₹120,000.
3. Computation of Gross Annual Value
- Gross Annual Value is the actual rent received or receivable by the owner.
- In this case, the monthly rent received by Shri Mukesh is ₹9,000.
- The rent received for the period from August 2020 to February 2021 (7 months) will be ₹9,000 x 7 = ₹63,000.
- The rent for the month of March 2021 could not be recovered from the tenant.
- Therefore, the Gross Annual Value will be ₹63,000.
4. Deductions from Gross Annual Value
- A standard deduction of 30% can be claimed from the Gross Annual Value.
- In this case, the standard deduction will be ₹63,000 x 30% = ₹18,900.
- The Net Annual Value after deducting the standard deduction will be ₹63,000 - ₹18,900 = ₹44,100.
5. Calculation of Taxable Income from House Property
- The taxable income from house property is calculated by deducting the interest on housing loan (if any) from the Net Annual Value.
- As there is no information provided regarding any housing loan, it can be assumed that there is no interest on housing loan.
- Therefore, the taxable income from house property will be ₹44,100.
Conclusion:
The taxable income from house property for Shri Mukesh for the assessment year 2021-22 is ₹44,100.
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Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.?
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Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.? 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 Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.?.
Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.? 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 Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.?.
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Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.?, a detailed solution for Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.? has been provided alongside types of Shri mukesh owns a house at Ajmer whose construction was completed on June 30,2020. It was let out from august 1,2020 on a monthly rent of ₹9000. Municipal valuation 120000 Fair rent 100000 Standard rent 130000 Municipal taxes paid by tenant ₹10000 The tenant vacated the house on 31st march, 2021. However, the rent for the month of march could not be recovered from tenant. Compute the taxable income from house property of shri mukesh for the assessment year 2021-22.? theory, EduRev gives you an
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