Income From House Propety - Format -Version 1

 

INCOME FROM HOUSE PROPERTY

CALCULATION OF EXPECTED RENT

 

 

AMOUNT

Municipal Rental Value (MRV)

XXXX

Fair Rental Value (FRV)

XXXX

Whichever is higher

 

XXXX

Standard Rent(SR)

XXXX

whichever is lower= EXPECTED RENT

 

XXXX

GROSS ANNUAL VALUE

Step 1: Expected Rent

XXXX

Step 2: Actual Rent (Annual Rent -Unrealised Rent)

XXXX

Step 3: Whichever is higher

XXXX

Step 4: Less: Loss due to vacancy

XXXX

GROSS ANNUAL VALUE

XXXX

INCOME FROM HOUSE PROPERTY(For Let out Property)

Gross Annual Value

XXXX

Less:Municipal Tax

XXXX

Net Annual Value

XXXX

Less: Deduction u/s 24

i) Standard Deduction -30% of NAV

ii) Interest on Borrowed Capital                         a) Current P.Y intererest)

b) Pre-construction interest

XXXX

INCOME FROM HOUSE PROPERTY(For Let out Property)

XXXX

Comments

Post a Comment

Popular posts from this blog

. TATA MOTORS SET TO BEGIN THEIR MANUFACTURING UNIT IN RANIPET, TAMIL NADU Today , an important milestone for Tamil Nadu in General and Manufacturing industry N CM MK Stalin laid the foundation stone for Tata Motors Rs 9000 crore manufacturing plant in in Panapakkam, Ranipet district. It has an economic mileage for the Tamil Nadu. Just after six months of signing of MOUs with Tata Motor Groups, Tata Motor set to begin their manufacturing whch would fetch 5,000 jobs. MOU was signed in March,2024 for envisaging an investment woth Rs.9,000 crores over the period of 5 years which will provide direct and indirect employment opportunities for unemployed youths of Tamil Nadu. he plant will manufacture vehicles of flagship models of luxurious Jaguar and Land Rover, apart from four-wheelers of the Tata Motors portfolio. About Tata Motors Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of inte...
Read more

BASIC CONCEPTS- PART 1

  INCOME TAX - BASIC CONCEPTS AND DEFINITIONS  1 Give the Meaning of Tax   A tax is a  compulsory financial charge  levied by a government on an individual, organization, or transaction. The revenue collected is used to fund public expenditures like infrastructure (roads, bridges), healthcare, defense, and education. It is not a voluntary payment or donation; it is a mandatory contribution. 2. What are the different Types of Tax ?   Taxes are broadly classified based on what is being taxed. The main types include: ·          Income Tax:  Tax on personal or corporate income/profits. ·          Goods and Services Tax (GST):  Tax on the supply of goods and services. ·          Customs Duty:  Tax on goods importe...
Read more
ALLOWANCE- U/S 10(14) 1) Allowances-Exemption depends on actual expenditure S.No Name of Allowances u/s 10(14) (i) Exemption 1 Helper Allowances Actual amount spent 2 Uniform Allowances Actual amount spent 3 Academic Research Allowance Actual amount spent 4 Conveyance Allowance Actual amount spent 5 Travellin or Transfer Allowance Actual amount spent 6 Daily Allowance Actual amount spent   2) Allowances - Exemption does not depend  on actual expenditure S.No Name of Allowances u/s 10(14) (ii) Exemption 1 Hill Allowances Rs.300 p.m. to Rs.7,000 p.m. 2 Border Area Allowances Rs.200  per month to Rs.1,300 per month 3 Compensatory Field Area ...
Read more