DU SOL INCOME TAX Q :-4 X (66 Years), a non-resident owns a house in India which is let out w.e.f. 1-10-2019. The construction of the house was completed on 1-9-2019. The house is let out at a monthly rent of Rs.50, 000.Rent of one month could not be realized.

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Q :-4 X (66 Years), a non-resident owns a house in India which is let out w. e .f. 1-10-2019. The construction of the house was completed on 1-9-2019. The house is let out at a monthly rent of Rs.50, 000.Rent of one month could not be realized. Other details of the house are as follows. Municipal valuation: Rs.40, 000 p.m. Municipal taxes due for 2019-20: Rs.40, 000 out of which taxes paid during the year are Rs.30, 000. Out of this Rs.30, 000 Rs.20, 000 is paid by the owner and Rs.10, 000 is paid by the tenant during the previous year 2019-20.X took a loan of Rs.10, 00,000 from SBI on 1-9-2014 @ 12% p.a. for construction of this house. Rs.2, 00,000 was repaid on 31-3-2017. Remaining amount is unpaid so far. Compute net income and tax liability of X for the assessment year 2020-21. He spends Rs.30, 000 on medical treatment of his dependent brother who is suffering from a disease specified in the rules made by the board and a claims a deduction for the same under section 80DDB.His income from other sources is Rs.4, 74,000.


MR. X (INR) :  66YRS

PY:  2019-2020

AY:  2020-2021

NET INCOME

1.      IFS  :       NIL

2.      IFHP :     4100

3.      PGBP :    NIL

4.      CG :        NIL

5.      IFOS  :     474000

 GI               -   515000

(-) DEDUCTION

U/S 80DDB  ( 30000)

  TI                 485000

 

 

·        THE NET INCOME FOR MR.X FOR A.Y. 2020-21 IS RS.485000/-

 

TAX LIABILITY ON TOTAL INCOME (485000)

 

0-250000                                                                  NIL

BAL. 235000 *5%                                                     11750

 

TAX                                                                              11750

(-)REBATE U/S 87A                                                     NA

                                                                                       11750

+SURCHARGE                                                              NA

                                                                                      11750

+HEC 4%                                                                      470

 

TAX LIABILITY                                                             12220

 

·        THE TAX LIABILITY OF MR.X FOR THE A.Y. 2020-21 IS RS.1220

 

WORKING NOTE:-

 

 

GAV                                     250000

(-)MT                             (20000)

NAV                                       230000

(-)DEDUCTION          

U/S 24

 

1        STANDARD DED

U/S 24A                  (69000)

2        INTEREST ON

BORROWED CAP

U/S 24B                      (120000)

 

IFHP                            41000

 

WORKING NOTE 2:

 

EXPECTED RENT           240000

RENT RECEIVED           300000

(-)UNREALISED RENT (50000)

                                           250000

 

LOSS DUE TO

VACANCY                       NIL

COMPARE 1 AND 2       250000   (WHICHEVER IS HIGHER)

GAV                                  250000

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