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Suggested answer for House property sum of Dec 2021
Direct Taxation
As there is no suggested answer for that House property (Q 3c )sum of DT paper Dec 2021 can I get correct answer for that to rectify / verify my answer. Kindly help.
Answers (9)
Best Answer
1. Take annual rent as Rs. 30 Lakhs. Because, Rs. 10 Lakhs pertaining to different amenities is taxable under Income from other sources. 2. Compare Municipal Value with Fair Value. i.e., 27 Lakhs or 30 Lakhs WIH - Rs. 30 Lakhs. 3. Compare Step 2 with Standard value. i.e., 30 Lakhs or 29.80 Lakhs WIL - Rs. 29.80 Lakhs. 4. Compare Step 3 with Actual rent received/receivable. i.e., 29.8 Lakhs or Rs. 30 Lakhs WIH - Rs. 30 Lakhs. 5. Deduct loss due to vacancy. 6. You will get GAV. Deduct Municipal Taxes. You will get NAV. 7. Deduct 30% Standard deduction
Yoga Vishnu
1. Take annual rent as Rs. 30 Lakhs. Because, Rs. 10 Lakhs pertaining to different amenities is taxable under Income from other sources. 2. Compare Municipal Value with Fair Value. i.e., 27 Lakhs or 30 Lakhs WIH - Rs. 30 Lakhs. 3. Compare Step 2 with Standard value. i.e., 30 Lakhs or 29.80 Lakhs WIL - Rs. 29.80 Lakhs. 4. Compare Step 3 with Actual rent received/receivable. i.e., 29.8 Lakhs or Rs. 30 Lakhs WIH - Rs. 30 Lakhs. 5. Deduct loss due to vacancy. 6. You will get GAV. Deduct Municipal Taxes. You will get NAV. 7. Deduct 30% Standard deduction
Sir but rent from land appertenant to house property won't it be taxable as house property income
(Updated)
It is not appurtenant. In the question, it was given the the amenities provided in the building. Like furniture, TV etc. In these kind of situations, if amenities are separable, they are taxed under income from other sources. If the amenities are not separable, then under income from house property
Thread Starter
Santhosh KumarThank you for helping me in this for Nikil bro and Vishnu sir Sir I have actually done wat you have said ... Shared the answer pics sir....and correct me in regarding presentation also sir..
Municipal taxes (90% of Rs. 4,00,000) + (1,40,000 - 25,000) = Rs. 4,75,000
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