(The question is of Business Taxation and it consists of 10 marks so answer it according to it and as soon as possible)

Q1 Mr. Hassan has rented out a house at a monthly rent of Rs. 20,000. During the year incurred following expenses in respect of the house: Repair of house Rs. 15,000 Insurance premium 10,000 Property tax Rs. 6,000 Interest on loan from HBFC Rs. 12,000 Legal expenses Rs. 2,000 Required: Compute the amount that is chargeable to tax under the head "Income from Property". [10]