#Q.1)Poorna has one house property at Indira Nagar in Bangalore. She stays with her family in the house.
The rent of similar property in the neighbourhood is Rs.25,000 p.m. The municipal valuation is Rs. 23,000 p.m. Municipal taxes paid is Rs. 8,000.
The house construction began in February 2012 with a loan of Rs. 20,00,000 taken from SBI Housing Finance Ltd.
The construction was completed on 30.11.2014. The accumulated interest up to 31.3.2014 is Rs. 1,50,000.
During the previous year 2018-19, Poorna paid Rs. 2,40,000 which included Rs.1,80,000 as interest. Compute Poorna’s income from house property for A.Y. 2019-20.
# Q.2)Prem owns a house in Madras. During the previous year 2018-19, 2/3rd portion of the house was self-occupied and 1/3rd portion was let out for residential purposes at a rent of Rs. 8,000 p.m.
Municipal value of the property is Rs. 3,00,000 p.a., fair rent is Rs. 2,70,000 p.a. and standard rent is Rs. 3,30,000 p.a. He paid municipal taxes @10% of municipal value during the year.
A loan of `Rs. 25,00,000 was taken by him during the year 2014 for acquiring the property. Interest on loan paid during the previous year 2018-19 was Rs. 1,20,000. Compute Prem’s income from house property for the A.Y. 2019-20
#Q.3)Mr. Vikas owns a house property whose Municipal Value, Fair Rent and Standard Rent are Rs. 96,000, Rs. 1,26,000 and Rs. 1,08,000 (per annum), respectively.
During the Financial Year 2018-19, one-third of the portion of the house was let out for residential purpose at a monthly rent of Rs. 5,000. The remaining two-third portion was self-occupied by him. Municipal tax @ 11 % of municipal value was paid during the year.
The construction of the house began in June, 2011 and was completed on 31-5-2014. Vikas took a loan of Rs. 1,00,000 on 1-7-2011 for the construction of building.
He paid interest on loan @ 12% per annum and every month such interest was paid.
Compute income from house property of Mr. Vikas for the Assessment Year 2019-20.
#Q.4) Mr. Sharma has four children consisting 2 daughters and 2 sons. The annual income of 2 daughters were Rs. 9,000 and Rs. 4,500 and of sons were Rs. 6,200 and Rs. 4,300, respectively.
The daughter who has income of Rs. 4,500 was suffering from a disability specified under section 80U.
Compute the amount of income earned by minor children to be clubbed in hands of Mr. Sharma.