Income from House Property
- X had taken a loan of Rs. 12,00,000 for construction of property on 1-8-2014. Interest was payable @ 12% p.a. The construction was completed on 31-8-2015. 50 % loan amount is paid on 1st April 2018. Compute the interest allowed as deduction u/s 24 for the assessment year 2019-20.
Solutions
Computation of interest on Loan allowed as deduction u/s 24
Interest for the Previous Year = 6,00,000 × 12% = Rs. 72,000
Interest for pre-reconstruction period = 1/5 [12,00,000 × 12% × 8/12] ( From 1-8-2014 to 31-3-2015) = Rs. 19,200
Total interest allowed u/s 24 = 72,000 + 19,200 = Rs. 91,200. - X had taken a loan of Rs. 12,00,000 for construction of property on 1-1-2014. Interest was payable @ 12% p.a. The construction was completed on 31-8-2015. No loan is outstanding during previous year Compute the interest allowed as deduction u/s 24 for the assessment year 2019-20
Answer : Rs. 36,000 - X had taken a loan of Rs. 12,00,000 for construction of property on 1-1-2012. Interest was payable @ 15% p.a. The construction was completed on 1-1-2014. No loan is outstanding during previous year. Compute the interest allowed as deduction u/s 24 for the assessment year 2019-20
Answer : Nil - X had taken a loan of Rs. 12,00,000 for construction of property on 1-1-2014. 50 % loan amount is paid on 1st April 2015. Interest was payable @ 15% p.a. The construction was completed on 1-1-2016. Compute the interest allowed as deduction u/s 24 for the assessment year 2019-20
Answer : Rs. 1,35,000 - X had taken a loan of Rs. 12,00,000 for construction of property on 1-1-2014. 50 % loan amount is paid on 1st April 2015. Interest was payable @ 15% p.a. The construction was completed on 1-1-2016. No loan is outstanding during previous year. Compute the interest allowed as deduction u/s 24 for the assessment year 2019-20
Answer : Rs. 45,000 - X had taken a loan of Rs. 12,00,000 for construction of property on 1-1-2014. 50 % loan amount is paid on 1st April 2015. Interest was payable @ 15% p.a. The construction was completed on 1-1-2017. Compute the interest allowed as deduction u/s 24 for the assessment year 2019-20.
Answer : Rs. 1,53,000 - Given is the information related to a house:
Municipal Value (M.V.) – Rs. 1,50,000
Fair Rental value – Rs. 1,80,000
Standard Rent – Rs. 1,60,000
Actual Rent – Rs. 20,000 pm
Municipal tax paid by owner is 20 % of M.V. Unrealised rent Rs.40,000 (condition of rule 4 satisfies ). What is the annual value of the house
(a) Rs. 1,60,000
(b) Rs. 1,50,000
(c) Rs. 1,70,000
(d) Rs. 2,10,000 - Which out of the following is not a case of deemed ownership of house property?
(a) Transfer to a spouse for inadequate consideration
(b) Transfer to a minor child for inadequate consideration
(c) Holder of an impartible estate
(d) Co-owner of a property - A had one self occupied house property in Mumbai for residence. Fair rent of that property is Rs. 2,20,000 per annum. Municipal valuation is Rs. 2, 50,000. Municipal taxes paid are Rs. 25,000 including Rs. 10,000 for an earlier year. The house was constructed in December, 2010 with a loan of Rs. 12,00,000 from a bank taken in November, 2009. During the previous year 2018-19, the assessee refunded Rs. 3,36,000 which includes Rs. 2,12,000 as current year interest. Compute the income from house property for assessment year 2019-20?
(a) Loss of Rs. 30,000
(b) Loss of Rs. 1,68,000
(c) Nil
(d) Loss of Rs. 2,00,000 - M took a loan of Rs. 6,00,000 on 1.4.2015 from a bank for construction of a house. The loan carries an interest @ 10% p.a. The construction is completed on 15.6.2015. The entire loan is still outstanding. Compute the interest allowable for the assessment year 2019-20.
(a) Rs. 60,000
(b) Rs. 1,80,000
(c) Rs. 84,000
(d) Rs. 24,000