Mr. Kiran is the owner of three houses, all the houses are self occupied (at Mumbai,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr. Kiran is the owner of three houses, all the houses are self occupied (at Mumbai, Delhi and Bangalore). The details of the house are given below. Particulars Fair rental value Standard rent Municipal value Municipal tax paid Interest due on loan taken Reasonable rent per month House at Mumbai 1,20,000 1,60,000 1,25,000 10% 70,000 ***** House at Delhi 2,00,000 2,60,000 1,25,000 10% 1,80,000 **** House at Bangalore 4,80,000 5,00,000 3,50,000 5% 2,25,000 50,000 Mr. Kiran solicits your advice for computing income from house property for the year 2019.20.Give your advice. Mr. Kiran is the owner of three houses, all the houses are self occupied (at Mumbai, Delhi and Bangalore). The details of the house are given below. Particulars Fair rental value Standard rent Municipal value Municipal tax paid Interest due on loan taken Reasonable rent per month House at Mumbai 1,20,000 1,60,000 1,25,000 10% 70,000 ***** House at Delhi 2,00,000 2,60,000 1,25,000 10% 1,80,000 **** House at Bangalore 4,80,000 5,00,000 3,50,000 5% 2,25,000 50,000 Mr. Kiran solicits your advice for computing income from house property for the year 2019.20.Give your advice.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these finance questions
-
The sky is the owner of a small business called Skys Skateboards. Sky, who grew up in a circle of avid boarders, started the business last year, initially adding cool designs to her siblings and...
-
Barry Bergan is the owner of Elephant Delivery Service. Recently, Barry paid interest of $3,000 on a personal loan of $40,000 that he used to begin the business. Should Elephant Delivery Service...
-
Murray Stoltz is the owner of Ontime Delivery Service. Recently. Murray pair interest $3,200 on a personal load of $60,000 that he used to begin the business. Should Ontime Delivery service record...
-
Single PlantwideandMultiple Production Department Factory Overhead Rate Methodsand Product Cost Distortion Eclipse Motor Company manufactures two types of specialty electric motors, a commercial...
-
Describe why auditors generally evaluate entity-level controls before evaluating transaction-level controls.
-
Reproduced with per c. Assume the same facts, except both States use a single-sale factor formula. For the property factor, State 1 and State 2 uses net book value. Neither State follows UDITPA with...
-
For each of the following situations, calculate the degrees of freedom \((d f)\), identify the critical values (assume \(\mathrm{a}=.05\) [two-tailed]), calculate the standard error of the mean \(s\)...
-
According to the U.S. National Electrical Code, copper wire used for interior wiring of houses, hotels, office buildings, and industrial plants is permitted to carry no more than a specified maximum...
-
Why was opening trade with China permanently different from other trade agreements? What were its positive and negative impacts on the US?
-
Johnson, an ICAEW Chartered Accountant working as a sole practitioner, acts for Sue, completing her income tax returns. Johnson has recently seen information proving that, on her last two tax...
-
Problem 5) (2 points): Prove by contradiction that there are no pair of positive integers x, y such that x = y + 4 where x is odd and y is even.
-
Afzal Lokhandwala owns and operates eight KFC franchises in Illinois. Each franchise operates under an identical franchise agreement. Lokhandwala says he identified selling Halal chicken as a...
-
In June 2003 and November 2005, The Four County Bank provided financing for the purchase of two different pieces of foresting equipment known as Tigercats by Shepherd Brothers Timber Company. Four...
-
Linda and Christopher Gunn fell behind in paying assessments owed to their homeowners association. When the debt reached about \($2,000,\) the association hired a law firm (Thrasher, Buschmann &...
-
A&G Precision Parts, LLC (Parts LLC), was a limited liability company whose members at the time of organization were Dennis Walker, John Raynor, John Probandt, John Brazier, and Walter Glass. The...
-
In April 2015, Elvis, Edison, and Romi Mirzaie filed an action on behalf of themselves and others similarly situated against the Monsanto Company for allegedly violating Californias False Advertising...
-
Assume that the monthly risk free rate earned by holding a 30-day Treasury Bill is .255% and the expected monthly return of the market portfolio is 1%. Let the standard deviation of the market return...
-
The following data are supplied for the common stocks of Nikola Corporation, Tesla, Inc. and General Motors: Nikola Corp (NKLA) Tesla Inc. (TSLA) Close Price ($) Close Price ($) 67.53 30.00 40.81...
-
Hugo Medical Supply has applied for a loan. Pacific Commerce Bank has requested a budgeted balance sheet as of April 30 and a combined cash budget for April. As Hugo Medical Supply's controller, you...
-
Summer Fun manufactures flotation vests in Philadelphia, Pennsylvania. Summer Fun's contribution margin income statement for the most recent month contains the following data: Summer Fun Contribution...
-
Creekside Apartments is a 900-unit apartment complex. When the apartments are 90% occupied, monthly operating costs total $223,360. When occupancy dips to 80%, monthly operating costs fall to...
-
The details in Figure 16.9 relate to D Co. Using that information and appropriate ratios, prepare a financial report on the company. The opening inventory value figures were :135,000 20X1 actual and...
-
The process of expressing a foreign subsidiarys balance sheet in its parents currency is called: A. Currency translation. B. Currency change. C. Currency conversion. D. Currency swap.
-
A loan is made to a company of $20,000, which is equal to :10,000 at the date of the loan during year 1. The loan is legally denominated in dollars. At the end of year 1, the loan is translated as...
Study smarter with the SolutionInn App