17. Mr. Panicker is the owner of house property whose municipal valuation is 55,000 (Not covered by Rent control Act). The construction of the property started on 2nd March 2015 and completed on 31st December 2019. The building consists of three flats and let it outs for Mr. A. B and C on an annual rent of 20,000 each. Determine the annual value of the house if Mr. A and B used the house for residential purposes and C for business purposes. The owner paid the municipal tax for all the units which amount to 8, 000. (Ans. A.V. of the house 52,000.)

17. Mr. Panicker is the owner of house property whose municipal valuation is 55,000 (Not covered by Rent control Act). The construction of the property started on 2nd March 2015 and completed on 31st December 2019. The building consists of three flats and let it outs for Mr. A. B and C on an annual rent of 20,000 each. Determine the annual value of the house if Mr. A and B used the house for residential purposes and C for business purposes. The owner paid the municipal tax for all the units which amount to 8, 000. (Ans. A.V. of the house 52,000.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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