income tax

This query is : Resolved 

15 July 2009 Dear Friends N Respected Seniors.,
From the following data,furnished by Mr Rajesh,determine the value of the house property built upon a freehold land in 1985 in Delhi.

1)Munncipal Value for the previous year 2005-06 2,00,000.
2)Rental Value 4,00,000.
3)Municipal Tax Outstanding 25,000.
4)Cost of the House property 30,00,000.
5)Aggregate Area 1000sq.yds.
6)Minimum area to be left open 75%of Agg.Value
7)Built-up-area 15%of Agg.Area

Pls clarify anyone regarding this.
Advance Thanks.

GIRISH

15 July 2009 what would you like from us? House property income, is it rented, or deemed to be let out?

16 July 2009 Calculation of Gross Maintainable Rent:

Annual Rent: 400000
Less: 15% of the GMR 60000
Less: Municipal Taxes 25000

NMR 315000

Value of the property:
NMR * 12.5 3937500

Adjustment for unbuilt area

Unbuilt Area: 85% of the aggregate Area
Specified Area: 75% of the aggregate Area

Thus adjustment will be 20% of the Value

Value of the Property: 4725000




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