Income from House Property

This query is : Resolved

PANKAJ JAIN (Querist)
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01 January 2009 I am residing in agra in my residential property. I have a commercial property in mumbai which was let out during the previous year 2007-08 for only 3 months @ rs.30000/- per month.The municipal value of the above property is rs.350000/-. What will be the gross annual value for the purpose of " Income from house property " - rs.350000/- or rs.90000/- (30000*3).

K V Subba Rao

K V Subba Rao (Expert)
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02 January 2009 Gross Annual Value Rs 30000 x 12 = Rs 360000

Less:Vacancy Allowance Rs 30000 x 9 = Rs 270000

Balance Rs 90000 is taxable (In effect, what you realised only is taxable.

Remember you will get Property Tax deduction proportionately for 3 momths only.