Question 3: Mr. Raman is a co-owner of a house property along with his brother. Municipal value of the Property 1,60,000 Fair Rent Standard rent under Rent Control Act Rent received *1,50,000 €1,70,000 15,000 p.m. The loan for the construction of this property is jointly taken and the interest charged by the bank is ₹ 25,000 out of which 21, 000 have been paid. Interest on the unpaid interest is 450. To repay this loan, Raman and his brother have taken a fresh loan and interest charged on this loan is 5, 000. The Municipal Taxes of 5,100 have been paid by the tenant. Compute the income from this property chargeable in the hands of Mr. Raman.

Question 3: Mr. Raman is a co-owner of a house property along with his brother. Municipal value of the Property 1,60,000 Fair Rent Standard rent under Rent Control Act Rent received *1,50,000 €1,70,000 15,000 p.m. The loan for the construction of this property is jointly taken and the interest charged by the bank is ₹ 25,000 out of which 21, 000 have been paid. Interest on the unpaid interest is 450. To repay this loan, Raman and his brother have taken a fresh loan and interest charged on this loan is 5, 000. The Municipal Taxes of 5,100 have been paid by the tenant. Compute the income from this property chargeable in the hands of Mr. Raman.

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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