DEEMED TO BE LET OUT- Meaning and Format

 

DEEMED TO BE LET OUT- CALCULATION OF IFHP

What is deemed to be Let out

If an assesse has more than 2 houses as self occupied , two will be treated as self-Occupied and the other house/houses will be treated as Deemed to be let out

Self Occupied

Treatment

One House

Self-Occupied House

Two Houses

Both houses are S/O

More Than 2 houses- S/O

Two Houses are treated as Self-Occupied and the other/others  are treated as Deemed to be Let out

Which house or housed to be treated as self occupied?

The house or houses whose GAV is higher , be treated as self-Occupied.

Income From Deemed to be Let Out

EXPECTED RENT

MRV

XXX

FRV

 

Whichever is Higher

XXX

Standard Rent

XXX

EXPECTED RENT(which is less)

XXX

            GROSS ANNUAL VALUE

                MRV

XXX

EXPECTED RENT

 

ACUTAL RENT-

NA

Whichever is Higher

XXX

Less- Vacancy Loss

NA

Gross Annual Value-=

XXX

·         Expected Rent Will be GAV

Income from House Property

Gross Annual Value

XXX

Less: Municipal Tax

XXX

Net Annual Value

XXX

Less: Deduction u/s 24

i)                    Standard Deduction -30% on NAV     XXX

ii)                   Interest on borrowed Capital

a)      Current year interest                    XXX

b)      PCP interest-1/5 XXX                   XXX

 

 

 

 

XXX

INCOME FROM HOUSE PROPERTY

XXXX

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