M/s. Ali Limited has a building, which is rented out at monthly bases. As per agreement the rent includes the payment on account of utility billsequalto25% of rent. The company incurred the following annual expenses in respect of the house:

Repair charges Rs. 110,000

Insurance premium Rs.?

Interest on loan from HBFC for the house Rs. 200,000

Property tax Rs. 25,000

Electricity bills Rs. 16 000

Water bills paid to WASA Rs. 17,200

Gas bills Rs. 14,800

Hint:

Income from other sources Rs.132.000 which is 44% of total taxable income for the Year from property

Required:

Solve question with prescribed manner and compute the following items

I.Monthly rent.

II.Insurance premium