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Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property?
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Mr X is the owner of the house comprising 4 units 1 unit is self occup...
Computation of Income from House Property
To compute the income from house property for Mr. X for the Assessment Year 2021-22, we will consider the following factors:
1. Gross Annual Value (GAV)
- Municipal Value: ₹2,00,000
- Actual Rent Received: (Assuming all units were let out except the vacant ones)
- Let’s assume the monthly rent for the 3 units is ₹10,000 each.
- Total Rent for 3 units for 12 months = ₹10,000 x 3 x 12 = ₹3,60,000
- Considering vacancies:
- 1 unit vacant for 1 month: ₹10,000
- 1 unit vacant for 2 months: ₹20,000
- Total Rent Loss = ₹30,000
- Net Rent Received = ₹3,60,000 - ₹30,000 = ₹3,30,000
- GAV = Higher of Municipal Value or Net Rent Received = ₹3,30,000
2. Deductions from GAV
- Municipal Taxes Paid: ₹10,000 (deductible)
- Insurance Premium: ₹5,000 (deductible)
- Repair and Collection Charges: ₹500 (deductible)
3. Total Deductions
- Total Deductions = ₹10,000 + ₹5,000 + ₹500 = ₹15,500
4. Income from House Property Calculation
- Net Annual Value (NAV) = GAV - Total Deductions
- NAV = ₹3,30,000 - ₹15,500 = ₹3,14,500
5. Interest on Loan
- Loan Amount: ₹20,000
- Interest Rate: 10%
- Interest for the Year = ₹20,000 x 10% = ₹2,000 (deductible)
6. Final Computation of Income
- Income from House Property = NAV - Interest on Loan
- Income = ₹3,14,500 - ₹2,000 = ₹3,12,500
Conclusion
The income from house property for Mr. X for the Assessment Year 2021-22 is ₹3,12,500.
To compute the income from house property for Mr. X for the Assessment Year 2021-22, we will consider the following factors:
1. Gross Annual Value (GAV)
- Municipal Value: ₹2,00,000
- Actual Rent Received: (Assuming all units were let out except the vacant ones)
- Let’s assume the monthly rent for the 3 units is ₹10,000 each.
- Total Rent for 3 units for 12 months = ₹10,000 x 3 x 12 = ₹3,60,000
- Considering vacancies:
- 1 unit vacant for 1 month: ₹10,000
- 1 unit vacant for 2 months: ₹20,000
- Total Rent Loss = ₹30,000
- Net Rent Received = ₹3,60,000 - ₹30,000 = ₹3,30,000
- GAV = Higher of Municipal Value or Net Rent Received = ₹3,30,000
2. Deductions from GAV
- Municipal Taxes Paid: ₹10,000 (deductible)
- Insurance Premium: ₹5,000 (deductible)
- Repair and Collection Charges: ₹500 (deductible)
3. Total Deductions
- Total Deductions = ₹10,000 + ₹5,000 + ₹500 = ₹15,500
4. Income from House Property Calculation
- Net Annual Value (NAV) = GAV - Total Deductions
- NAV = ₹3,30,000 - ₹15,500 = ₹3,14,500
5. Interest on Loan
- Loan Amount: ₹20,000
- Interest Rate: 10%
- Interest for the Year = ₹20,000 x 10% = ₹2,000 (deductible)
6. Final Computation of Income
- Income from House Property = NAV - Interest on Loan
- Income = ₹3,14,500 - ₹2,000 = ₹3,12,500
Conclusion
The income from house property for Mr. X for the Assessment Year 2021-22 is ₹3,12,500.
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Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property?
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Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property? 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 Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property?.
Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property? 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 Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property?.
Solutions for Mr X is the owner of the house comprising 4 units 1 unit is self occupied by Mr X and the remaining 3 or left out the following information is available in respect of this property for the A.Y.2021- 22 compute income from house property. municipal value of the house is 2 lakh. Actual rent from all the let . municipal taxes are paid of 10000.Insurance premium paid 5000.Repair and collection charges 500. one of the let out unit remained vacent for one month and another for 2 months during the previous year.Mr X took up a loan of 20000@ 10% per annum for construction of the house ,during the previous year 2020 and 21 compute incomr from house property? in English & in Hindi are available as part of our courses for B Com.
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