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Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.?
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Mir. M started the construction of his house on 1.6.2016 and for this,...
Calculation of Income from House Property for AY 2024-25
1. Calculation of Annual Value:
- For the first loan of ₹ 2,00,000 @ 13.5% taken on 1.6.2016, the interest for the period 1.6.2016 to 31.3.2019 will be considered.
- Interest = ₹ 2,00,000 * 13.5% = ₹ 27,000 per annum
- For the second loan of ₹ 6,00,000 @ 13% taken on 1.4.2019, the interest for the period 1.4.2019 to 31.3.2020 will be considered.
- Interest = ₹ 6,00,000 * 13% = ₹ 78,000 per annum
2. Deductions:
- Municipal Taxes paid during the year can be deducted from the Annual Value. Let's assume it to be ₹ 10,000 for the year.
3. Gross Annual Value:
- Gross Annual Value = (Interest for loan 1 + Interest for loan 2) - Municipal Taxes
- Gross Annual Value = (₹ 27,000 + ₹ 78,000) - ₹ 10,000 = ₹ 95,000
4. Net Annual Value:
- Net Annual Value is calculated after deducting the statutory deduction of 30% from the Gross Annual Value.
- Net Annual Value = 30% of Gross Annual Value = 0.3 * ₹ 95,000 = ₹ 28,500
5. Income from House Property:
- Income from House Property is calculated after deducting the standard deduction of 30% from the Net Annual Value.
- Income from House Property = Net Annual Value - Standard Deduction
- Income from House Property = ₹ 28,500 - ₹ 8,550 = ₹ 19,450
Therefore, Mir. M's income from house property for the Assessment Year 2024-25 is ₹ 19,450.
1. Calculation of Annual Value:
- For the first loan of ₹ 2,00,000 @ 13.5% taken on 1.6.2016, the interest for the period 1.6.2016 to 31.3.2019 will be considered.
- Interest = ₹ 2,00,000 * 13.5% = ₹ 27,000 per annum
- For the second loan of ₹ 6,00,000 @ 13% taken on 1.4.2019, the interest for the period 1.4.2019 to 31.3.2020 will be considered.
- Interest = ₹ 6,00,000 * 13% = ₹ 78,000 per annum
2. Deductions:
- Municipal Taxes paid during the year can be deducted from the Annual Value. Let's assume it to be ₹ 10,000 for the year.
3. Gross Annual Value:
- Gross Annual Value = (Interest for loan 1 + Interest for loan 2) - Municipal Taxes
- Gross Annual Value = (₹ 27,000 + ₹ 78,000) - ₹ 10,000 = ₹ 95,000
4. Net Annual Value:
- Net Annual Value is calculated after deducting the statutory deduction of 30% from the Gross Annual Value.
- Net Annual Value = 30% of Gross Annual Value = 0.3 * ₹ 95,000 = ₹ 28,500
5. Income from House Property:
- Income from House Property is calculated after deducting the standard deduction of 30% from the Net Annual Value.
- Income from House Property = Net Annual Value - Standard Deduction
- Income from House Property = ₹ 28,500 - ₹ 8,550 = ₹ 19,450
Therefore, Mir. M's income from house property for the Assessment Year 2024-25 is ₹ 19,450.
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Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.?
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Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.?.
Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.?.
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Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.?, a detailed solution for Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? has been provided alongside types of Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? theory, EduRev gives you an
ample number of questions to practice Mir. M started the construction of his house on 1.6.2016 and for this, he took a loan of $₹ 2,00,000$ @ $13.5 \%$ from bank. He took another loan of ₹ $6,00,000$ @ $13 \%$ p.a. on 1.4 .2019 to complete the house. The construction was completed on 30.11 .2019 and was self-occupied from 1.12.2019. Compute his income from house property for the Assessment Year 2024-25.? tests, examples and also practice UPSC tests.
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