Income from house property question solved
WebThe basement is 300 sq. feet and her entire home is 1,500 sq. feet. Lyndsay has he following items of income and expense from her business: Income - $75,000 Real Property taxes $10,000 Mortgage interest $ 35,000 Depreciation on house $15,000 Business Expenses directly attributable to business $60,000 Operating expenses of house $6,000 What is ... WebJul 6, 2024 · TurboTax. Desktop. More Topics. Account management. Login and password Data and security. After filing. More. Amend a return E-file rejects Print or save Tax …
Income from house property question solved
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WebThe children education allowance, the amount exempted from taxable income is limited to. A. 100 per month per child upto 3 children. B. 1,000 per year per child upto 2 children. C. 100 per month per child upto 2 children. D. none of the above. WebJun 7, 2024 · Question 1. A House Property whose municipal valuation is 52,000 has been let out at rate of 5,000 per month. Local taxes paid in respect of property amounted to …
WebHouse I: As the house property is let out through out the previous year the annual value shall be determined as per clauses (a) and (b) of Sec. 23(1). Particulars Amount (Rs.) Step I:-Compute gross annual value The Gross Annual Value shall be higher of the following two: a) Rs. 1,20,000 or Rs. 1,60,000 whichever is higher but WebQuestion: The duty of a trustee to derive income from the trust property for the benefit and support of the beneficiaries is called the: 1. duty to produce income. 2. duty to make …
Weba) Salary income is chargeable to tax on “due basis” or “receipt basis” whichever is earlier. b) Existence of relationship of employer and employee is must between the payer and payee to tax the income under this head. c) Income from salary taxable during the year shall consists of … WebCapital gain arising on transfer of property situated in India. Income from business connection in India. Dividend paid by an Indian company. Income from any property, asset or other source of income located in India. EXERCISES Mr. Rajan left India for the first time on 15th December 2024 and returned back to India on 2nd February 2024 ...
Webrental income received by a tenant from sub-letting cannot be charged to tax under the head ^Income from house property. Such income is taxable under the head ^Income from other sources _ or profits and gains from business or profession, as the case may be. iv) Rental income from a shop Rental income from a property, being building or land ...
WebFeb 24, 2024 · Question 19. R has taken a house on rent and sublets the same to G. Income from such house property shall be taxable under the head: (A) Income from house property (B) Income from other sources (C) Income from house property or income from other sources as decided by R (D) None of the above [June 2024] Answer: (B) Income from … does mustard settle the stomachWebBecause the income realized from the sale of the house is capital in nature, it follows that it is not included in Thabo's gross income. Thus, to ultimately address the question given, the R5,000,000 proceeds of the house will not be included in the gross income of Thabo Ngune. I wish you all the best in your studies! facebook groups selling productsWebQuestion: The duty of a trustee to derive income from the trust property for the benefit and support of the beneficiaries is called the: 1. duty to produce income. 2. duty to make productive investments. 3. duty of support. 4. duty of payment. 5. duty to ensure profits. facebook group url changeWebChapter 4: Heads of Income Unit 1: Salaries Unit 2: Income from House Property Unit 3: Profits and Gains of Business or Profession Unit 4: Capital Gains Unit 5: Income from … facebook group vespa cimahiWebincome from house property Income chargeable to tax under the head “house property” Rental income from a property being building or land appurtenant thereto of which the … facebook groups to promote businessWebThe Central Board of Direct Taxes (CBDT) had extended the due dates of various tax compliances. Kindly refer the following circulars: Disclaimer: The above FAQs are for information purposes only, to enable public to have a quick and an easy access to information, and do not purport to be legal documents. Income Tax Department does not … facebook group tag all membersWebApr 14, 2024 · Ans: Computation of Income under the salaries of Mr. X for the AY 2013 - 14 2016 (New Course) Q.N.6. From the following information of Mr. Ashok, compute his taxable income for the assessment year, 2015-16: 14 a) Basic salary @ Rs. 20,000 p.m. b) Arrears of salary Rs. 10,000. c) Dearness allowance @ Rs. 8,000 p.m. facebook group unfollow leave difference