Computation of income from house property of Mr. Anirudh for A.Y.
2024-25
Particulars Ref Amount
Gross Annual Value u/s 23 1 121,000
Less: Municipal Taxes [1,30,000 X 10%] 13,000
Net Annual Value 108,000
Less: Deduction u/s 24
(a) 30% on NAV 32,400
(b) Interest on loan 2 40,000
Income from House Property 35,600
Note:
1. Gross Annual Value
Higher of:
Expected Rent 120,000
Actual Rent 121,000
Expected Rent:
Higher of:
Fair Rent 110,000
Municipal Rent 130,000
Restricted to:
Standard Rent 120,000
Actual Rent = Actual Rent (-) Unrealised Rent
AR = [11,000 X 12] - 11,000
2. The whole interest is eligible for deduction for a let-out property
Computation of income from house property of Mr. Ganesh for A.Y. 2024-25
Particulars Ref Amount
Gross Annual Value u/s 23 1 180,000
Less: Municipal Taxes [2,50,000 X 8%] 20,000
Net Annual Value 160,000
Less: Deduction u/s 24
(a) 30% on NAV 48,000
(b) Interest on loan 2 65,000
Income from House Property 47,000
Note:
1. Gross Annual Value
Higher of:
Expected Rent 210,000
Actual Rent 180,000
Expected Rent:
Higher of:
Fair Rent 200,000
Municipal Rent 250,000
Restricted to:
Standard Rent 210,000
Actual Rent = Actual Rent (-) Unrealised Rent
AR = [20,000 X 10] - 20,000
The Actual rent is lower than expected rent due to vacancy. Hence actual rent shall be considered as GAV
Not vacant: AR = [20,000 X 12] - 20,000 = 2,20,000 > ER [2,10,000]
2. The whole interest is eligible for deduction for a let-out property
Computation of income from house property of Smt. Rajalakshmi for A.Y. 2024-25
Particulars Ref Amount
Gross Annual Value u/s 23 1 480,000
Less: Municipal Taxes [5,00,000 X 12%] 60,000
Net Annual Value 420,000
Less: Deduction u/s 24
(a) 30% on NAV 126,000
(b) Interest on loan 2 25,000
Income from House Property 269,000
Note:
1. Gross Annual Value
Higher of:
Expected Rent 480,000
Actual Rent 350,000
Expected Rent:
Higher of:
Fair Rent 420,000
Municipal Rent 500,000
Restricted to:
Standard Rent 480,000
Actual Rent = Actual Rent (-) Unrealised Rent
AR = [50,000 X 9] - [50,000 X 2]
2. The whole interest is eligible for deduction for a let-out property
Computation of income from house property of Smt. Rajalakshmi for A.Y. 2024-25
House I
Particulars Ref Self-Occupied Deemed Let-Out
Gross Annual Value u/s 23 1 - 350,000
Less: Municipal Taxes [3,00,000 X 12%] - 36,000
Net Annual Value - 314,000
Less: Deduction u/s 24
(a) 30% on NAV - 94,200
(b) Interest on loan 2 - -
Income from House Property - 219,800
Note:
1. Deemed Let Out: Gross Annual Value = Expected Rent
Expected Rent:
Higher of:
Fair Rent 375,000
Municipal Rent 300,000
Restricted to:
Standard Rent 350,000
House II
Particulars Ref Self-Occupied Deemed Let-Out
Gross Annual Value u/s 23 1 - 360,000
Less: Municipal Taxes [3,60,000 X 8%] - 28,800
Net Annual Value - 331,200
Less: Deduction u/s 24
(a) 30% on NAV - 99,360
(b) Interest on loan 2 - -
Income from House Property - 231,840
Note:
1. Deemed Let Out: Gross Annual Value = Expected Rent
Expected Rent:
Higher of:
Fair Rent 275,000
Municipal Rent 360,000
Restricted to:
Standard Rent 370,000
House III
Particulars Ref Self-Occupied Deemed Let-Out
Gross Annual Value u/s 23 1 - 375,000
Less: Municipal Taxes [3,30,000 X 6%] - 19,800
Net Annual Value - 355,200
Less: Deduction u/s 24
(a) 30% on NAV - 106,560
(b) Interest on loan 2 200,000 230,000
Income from House Property -200,000 18,640
Note:
1. Deemed Let Out: Gross Annual Value = Expected Rent
Expected Rent:
Higher of:
Fair Rent 380,000
Municipal Rent 330,000
Restricted to:
Standard Rent 375,000
2. Interest on loan
Self-occupied
Repair loan (Restricted to 30,000) 30,000
Acquisition Loan 175,000
205,000
Restricted to 200,000
Deemed to be let-out
Repair loan 55,000
Acquisition Loan 175,000
230,000
Income from House property House I House II House III
House 1 is deemed to be let out 219,800 - -200,000 19,800
House 2 is deemed to be let out - 231,840 -200,000 31,840
House 3 is deemed to be let out - - 18,640 18,640
