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P3: Compute Income from house property from the following information:

	House 1	House 2	House 3	House 4
Expected rent	2,00,000	N.A.	4,00,000	6,00,000
Actual Rent	16,000 p.m.	N.A.	12,000 p.m.	N.A.
Self occupied property for residence	1 month	N.A.	3 month	12 month
Vacancy	2 month	12 month	1 month	N.A.
Municipal tax paid	10,000	10,000	5,000	5,000
Interest on borrowed capital for repairs	6,000	31,000	32,000	2,05,000
Repairs	6,00	6,00	8,00	500

Ans: 2,69,700.

Section 23(4). deemed to be let out property (DLOP)
Where the assessee owns more than one property for his self residence for whole year and he derives no other benefit from such property then one house property according to his choice is treated as SOP for residence and the remaining property is treated as deemed to be let out property whose GAV is taken as expected rent.
Generally the property whose expected rent is maximum is taken as SOP for residence. However choice should be such that tax liability comes out to be minimum.
P1: Compute Income from house property from the following information :

	House 1 SOP for residence	House 2 SOP for residence	House 3 SOP for residence
Expected rent	4,00,000	6,00,000	7,00,000
Municipal tax paid	6,000	7,000	15,000
Interest on borrowed capital for repairs	25,000	31,000	36,000

Ans: 6,04,900.

P2: Compute Income from house property from the following information :

	House 1 SOP for residence	House 2 SOP for residence	House 3 SOP for residence	House 4 Let out for residence
Municipal valuation	1,00,000	2,00,000	60,000	95,000
Fair rent	1,50,000	3,00,000	60,000	60,000
Standard rent	N.A	1,90,000	70,000	40,000
Actual rent	N.A	N.A	N.A	2,000 p.m.
Municipal tax paid	10%	15%	5,000	12%
Interest on borrowed capital for repairs	50,000	35,000	80,000	15,000

Ans: (18,480)

Special Cases
Period and area wise calculation. Where a part of building is self occupied for residence & part of building is let out.

P1: Taxcrazy owns a building having three equal floors. Ground floor SOP-residence. First floor let out for 10,000 p.m. SOP-residence 2 month. Second floor let out for 8,000 p.m. 4 month SOP-residence. 2 month vacant. Expected rent 2,70,000. Municipal tax 9,000. Interest on borrowed capital for repairs 96,000.

Ans: 23,600.

P2: Taxcrazy owns a building having three equal floors. Ground floor SOP-residence. First floor let out for 15,000 p.m. SOP-residence 3 month. Second floor let out for 11,000 p.m. 1 month SOP-residence. 3 month vacant. Expected rent 4,50,000. Municipal tax 15,000. Interest on borrowed capital for repairs 1,20,000.
Ans: 69,900

P3: Taxcrazy, purchases the vacant plot of land on 1-1-2016 and completes the construction of ground floor on 1-5-2016 and one month later construction of first floor was also completed. Both the floors were self occupied on the date of completion of construction. On 15-9-2016 it starts construction of second floor whose construction was completed on 31-10-2016. The second floor was let out to Miss Moss on a monthly rent of 11,000 from the date of completion of construction.
Its roof top was also let out to Bharti for installation of cellular tower on the same day on a monthly rent of 35,000 and a refundable security deposit of 10,00,000.
Fair rent of house ascertained was 6,00,000. You are required to compute Total Income for the assessment year 2017-18.
Ans: 3,50,000.

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FAQs on Special Cases (Part - 2) - Taxation - Income Tax for assessment (Inter Level)

1. What is taxation?

Ans. Taxation refers to the process of levying and collecting taxes by a government on individuals, businesses, or other entities. It is a means for the government to generate revenue to fund public services and infrastructure.

2. How does taxation work?

Ans. Taxation works by imposing mandatory financial charges or levies on individuals or entities based on their income, property, or transactions. These charges are collected by the government and used to fund public services and welfare programs.

3. What are the different types of taxes?

Ans. There are several types of taxes, including income tax, sales tax, property tax, corporate tax, inheritance tax, and value-added tax (VAT). Each type of tax is levied on specific sources of income or transactions.

4. What is the purpose of taxation?

Ans. The purpose of taxation is twofold. Firstly, it provides the government with a source of revenue to fund essential public services such as healthcare, education, infrastructure, and defense. Secondly, taxation can be used as a tool for social and economic policy, redistributing wealth and encouraging desired behavior.

5. How are taxes calculated?

Ans. The calculation of taxes depends on the type of tax and the applicable tax laws in a particular jurisdiction. For income tax, the tax amount is generally based on the individual's or business's taxable income, while sales tax is calculated as a percentage of the purchase price. Tax brackets, deductions, and exemptions may also affect the calculation of taxes.

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