Answered step by step
Verified Expert Solution
Question
1 Approved Answer
SOLVE THE FOLLOWING QUESTION OF INCOME TAX 5. Mrs. R (age 50 years) owns two houses. The details of the two houses for the financial
SOLVE THE FOLLOWING QUESTION OF INCOME TAX
5. Mrs. R (age 50 years) owns two houses. The details of the two houses for the financial year 2020-21 are as follows: Particulars House I (Rs.) House II (Rs.) Municipal valuation 3,00,000 2,00,000 Fair rent 3,20,000 2,20,000 Standard rent 2,80,000 2,30,000 Actual rent received/ receivable Self-occupied 1,73,000 Municipal taxes paid [2020-21] 20,000 60,000 She raised a loan of Rs. 15,00,000 from State Bank of India @ 15% p.a. on 1 June 2016 for the construction of House I. The construction of the house was completed on 1 January 2020. Date of repayment of loan is 1 October 2020. Half of the municipal taxes in respect of let out house, i.e., House II has been paid by the tenant. During the previous year 2020-21, Mrs. R was employed in X Ltd. at a monthly basic salary of Rs. 50,000. The company also paid Rs. 2,000 as professional tax on her behalf during the previous year 2020-21. Compute the total income and tax liability of Mrs. R for the assessment year 2021-22 assuming that she also has an income from other sources of Rs. 9,10,000 during the previous year 2020-21. Further, she has not opted for optional taxation scheme under section115BACStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started