Income from house property
This query is : Resolved
23 December 2011
we filed for the asst year 10-11 as income from house property, rent recd from 01-04-2009 to 31-03-2010 is rs 120000( 10 *12mnths) tenant vacated the premises on 01-04-2010 and through out the previous year premises is vacant and question is for the asst year 11-12 how to show the income from house property
23 December 2011
Gross annual value will be standard rent as per rent control act.
Less: Muncipal Taxes Paid
Net Annual Value
Less : Deduction u/s 24
30% of Net Annual Value
Interest on Housing Loan
Income from House Property
Less: Muncipal Taxes Paid
Net Annual Value
Less : Deduction u/s 24
30% of Net Annual Value
Interest on Housing Loan
Income from House Property
24 December 2011
First calculate Gross Annual Value (GAV)
GAV is Higher of Fair Rental Value and Munispal Value but limited to Standard Rent.
then
GAV ******
- Munispal Tax
----------------
Net Annual Value
- 30%
- Intrest
-------------
Income from HP
GAV is Higher of Fair Rental Value and Munispal Value but limited to Standard Rent.
then
GAV ******
- Munispal Tax
----------------
Net Annual Value
- 30%
- Intrest
-------------
Income from HP
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