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Unit 8: Income from House Property

7. Find out income from house property for the assessment year 2013–14 for Amit who owns Notes
a house property. Following are the details about the property:
(a) Municipal value of house: ` 72,000 per annum.

(b) Fair rent of house: ` 66,000 per annum.
(c) Standard rent of house: ` 60,000 per annum.
The house was let out at ` 6,000 per month but was sold on 1st January, 2013.
8. Determine the taxable income of Krishan for the assessment year 2013–14.Krishan submits
the following information for the assessment year 2013–14:
Property income House-A House-B
Municipal valuation 17,500 40,000

Municipal taxes paid by tenant 1,500 2,000
Land revenue paid 1,000 8,000
Rent received 19,000 34,000
Insurance premium paid 250 1,000

Repairs paid by tenant 250 9,000
Interest on borrowed capital for payment
of municipal tax of house property 100 200

Nature of occupation Let out for residence business Date of completion of construction
1.4.1999 1.4.1997

Answers: Self Assessment

1. Building

2. Business income or income from other sources
3. Income from business or other sources 4. Sub-letting
5. Building 6. Non-residential building
7. Rental income 8. Sub-letting
9. Impartible estate 10. True

11. False 12. True
13. True 14. True
15. Annual value 16. Less than

17. Actual rent 18. Fair rental value
19. Standard rent 20. True
21. False 22. True
23. False 24. Nil
25. Section 24 26. 1,50,000

27. 30,000 28. True

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