Q2. X owns five house property details of which are as follows- calculated income from HP for eachIIIIIIIVVMunicipal valuationFair rentStandard rentRentUnrealized rentMunicipal taxesRepairGround rentNature of occupation400003900038000420004000300015000600Rented150002400014000240005000055000510007000077000690008000080000810001500500014000900Self-occupied700015000400Used forProfession800016000600Rented12000800Rentedproperty, for the property no 1 and 5, municipality tax, is not paid even if become due

Income from house property means the total income chargeable under this head. Only income from…

Answered: property, for the property no 1 and 5,…

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property, for the property no 1 and 5, municipality tax, is not paid even if become due

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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Question

Q2. X owns five house property details of which are as follows- calculated income from HP for each
I
II
III
IV
V
Municipal valuation
Fair rent
Standard rent
Rent
Unrealized rent
Municipal taxes
Repair
Ground rent
Nature of occupation
40000
39000
38000
42000
4000
3000
15000
600
Rented
15000
24000
14000
24000
50000
55000
51000
70000
77000
69000
80000
80000
81000
1500
5000
14000
900
Self-
occupied
7000
15000
400
Used for
Profession
8000
16000
600
Rented
12000
800
Rented
property, for the property no 1 and 5, municipality tax, is not paid even if become due

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