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Chandru started? The construction of this house on 1-6-2012and. For this he took a loan of RS200000 at 13.5%from bank.he took another loan of rs 600000 at13%pa .on 1-4-2015 2 completed on 30 -nov-2015 was self occupied from 1-12-2015.compute this income under the head house property for the assessment year 2020-21?
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Chandru started? The construction of this house on 1-6-2012and. For th...
Calculation of Income under the head House Property for AY 2020-21

1. Loan Details:
- Loan 1: Rs 200,000 at 13.5% per annum
- Loan 2: Rs 600,000 at 13% per annum

2. Construction Period:
- Start Date: 1-6-2012
- End Date: 30-11-2015

3. Self-Occupation Period:
- Start Date: 1-12-2015
- End Date: 31-3-2020

4. Calculation of Interest:
- Loan 1 interest = Rs 200,000 * 13.5% = Rs 27,000 per annum
- Loan 2 interest = Rs 600,000 * 13% = Rs 78,000 per annum

5. Determination of Annual Value:
- Annual Value is the higher of the Fair Rent or the Rent Received or Receivable.
- Since the property is self-occupied, the Annual Value is considered as zero.

6. Calculation of Deductions:
- Standard Deduction: 30% of the Net Annual Value (Zero in this case)
- Interest on Loan 1: Rs 27,000 per annum
- Interest on Loan 2: Rs 78,000 per annum

7. Calculation of Income under the head House Property:
- Gross Annual Value: Zero
- Less: Deductions (Interest on Loan 1 + Interest on Loan 2): Rs 27,000 + Rs 78,000 = Rs 105,000
- Net Annual Value: Zero
- Less: Standard Deduction: 30% of Net Annual Value (Zero in this case)
- Income under the head House Property: Rs 105,000

Conclusion:
The income under the head House Property for the assessment year 2020-21 is Rs 105,000.
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Chandru started? The construction of this house on 1-6-2012and. For this he took a loan of RS200000 at 13.5%from bank.he took another loan of rs 600000 at13%pa .on 1-4-2015 2 completed on 30 -nov-2015 was self occupied from 1-12-2015.compute this income under the head house property for the assessment year 2020-21?
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Chandru started? The construction of this house on 1-6-2012and. For this he took a loan of RS200000 at 13.5%from bank.he took another loan of rs 600000 at13%pa .on 1-4-2015 2 completed on 30 -nov-2015 was self occupied from 1-12-2015.compute this income under the head house property for the assessment year 2020-21? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Chandru started? The construction of this house on 1-6-2012and. For this he took a loan of RS200000 at 13.5%from bank.he took another loan of rs 600000 at13%pa .on 1-4-2015 2 completed on 30 -nov-2015 was self occupied from 1-12-2015.compute this income under the head house property for the assessment year 2020-21? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Chandru started? The construction of this house on 1-6-2012and. For this he took a loan of RS200000 at 13.5%from bank.he took another loan of rs 600000 at13%pa .on 1-4-2015 2 completed on 30 -nov-2015 was self occupied from 1-12-2015.compute this income under the head house property for the assessment year 2020-21?.
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