income tax

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GIRISH D.P (Querist)
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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

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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15 July 2009 what would you like from us? House property income, is it rented, or deemed to be let out?

Abhishek Mohta

Abhishek Mohta (Expert)
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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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