MR. AKRAM

Mr. AKRAM owns some buildings which are given on rent. The following information is available: Rupees

Annual rent received from tenants 1,500,000

Depreciation on building under the tax laws 200,000

Property tax 100,000

Municipal/local government taxes 100,000 (Agreement with tenants provide that tenants should pay the taxes,) General and administration expenses 200,000

Rent received includes Rs. 600,000 for three years commencing from July 01 of the current tax year. Mr. AKRAM follow accrual basis of accounting and its income year is July-June 2021.

Required: Compute the income of Mr. AKRAM under the heading income from property for the tax year 2021.