Mr. X has a house property whose Municipal value is ₹ 1,50,000 and the Fair Rental Value is ₹ 1,80,000. The standard rent is fixed at ₹ 1,20,000. It was self-occupied from 01.04.2020 to 1.05.2020 and from 01.06.2020, it was let out at ₹ 15,000 per month. Compute taxable income of the house property for A.Y. 2021-22. Municipal taxes paid by him during P.Y. 2020-21 were 20% of municipal valuation. Interest on loan 30,000.
A. ₹ 1,20,000
B. ₹ 84,000
C. ₹ 66,000
D. ₹ 54,000
Answer:D
Mr. X has a house property whose Municipal value is ₹ 1,50,000 and the Fair Rental Value is ₹ 1,80,000. The standard rent is fixed at ₹ 1,20,000. It was self-occupied from 01.04.2020 to 1.05.2020 and from 01.06.2020, it was let out at ₹ 15,000 per month. Compute taxable income of the house property for A.Y. 2021-22. Municipal taxes paid by him during P.Y. 2020-21 were 20% of municipal valuation. Interest on loan 30,000.
A. ₹ 1,20,000 B. ₹ 84,000 C. ₹ 66,000 D. ₹ 54,000