Income from house property sums
•Download as DOC, PDF•
0 likes•1,553 views
X owns two rental properties in Bombay and Chennai. The document provides details on the rental income and expenses for each property for the assessment year 2011-2012. It also provides information on a third property owned by Parag and requests the taxable income be calculated. Finally, it lists several other scenarios involving rental properties and requests the income from house property be determined for each case.
Report
Share
Report
Share
Recommended
Taxation - Income from property
There are two sources of property income under Sri Lankan tax law: net annual value and rent income. Net annual value is a notional income charged on owner-occupied properties and is based on the property's rating assessment less a 25% allowance for repairs. Rent income relates to income generated from renting out a property and is the gross rent received less rates paid by the owner and a 25% deduction for repairs and expenses. Newly constructed properties and properties converted into residential units may qualify for exemptions from property income tax for a certain number of years. Occupiers of rent-controlled properties may also be charged tax on the difference between the net annual value and any rent paid.
Income under the head house property
This document discusses income tax rules related to income from house property in India. It outlines the key conditions for income to be taxed under this head: the property must consist of buildings and land owned by the assessee and not used for their own business. Exceptions include income from vacant land or property not owned by the assessee. Deemed ownership rules are also described. The document also covers calculations of gross annual value, deductions allowed, and situations where income from house property is not taxed.
Pp2 final account assignment excel
This document summarizes the final account for the construction of a residence in Kuala Lumpur. It lists the original contract sum of RM81,200,000 and deductions of RM9,600,000 for a total of RM71,600,000. Additional amounts were added for variation works, NSC's final account, profit/attendance, and additional expenses, bringing the final contract value to RM79,550,500. The document provides breakdowns of original contract sums, NSC's final account, variation works, and loss/expenses. It also summarizes extensions to the project timeline due to delays.
Pp2 coursework 2 201808
This document provides information and questions for a coursework assignment on preparing a final account as a quantity surveyor. It outlines details of the construction contract such as the contract sum and bills. It also lists extensions of time and cost adjustments that must be evaluated in the final account, including variations, nominated subcontractors' accounts, and claims submitted by the contractor for additional costs incurred. The quantity surveyor must advise on addressing errors found in the contractor's tender rates, and prepare the final account evaluating the listed cost adjustments and contractor claims according to the contract terms.
pp2 Final account-1
This document summarizes the final contract value for an apartment project constructed by PPBuilders Sdn Bhd for TayLand Development Sdn Bhd. The original contract sum was RM47,700,000 but was adjusted through variation works, net additions to NSC final accounts of subcontractors, and contractual claims. The final contract value was RM46,318,000, which factors in additions of RM604,000 for variation works, RM5,650,000 for NSC final accounts, and RM10,000 for loss and expenses.
Assignmenr for pp2 final account
Based on the information provided:
- The Contractor had priced RM 130,000 for Contractor All Risk Insurance (CARI) in the preliminaries bill.
- However, the Contractor failed to purchase the CARI when works commenced.
- The Employer then purchased the CARI for RM 180,000 on behalf of the Contractor.
As the Contractor failed to purchase the mandatory CARI as required by the contract, the Employer is entitled to recover the actual cost paid for the insurance from the Contractor.
Hence, there will be a variation of RM 180,000 - RM 130,000 = RM 50,000 that will be deducted from the Contractor's final
Mayor's City Hall Complex Cost Review
The city hall cost review document summarizes the bids and contracts for the construction of a new city hall. The original cost estimate was $17.8 million but bids came in over $2.5 million higher. Total project costs are now estimated at $20.5 million, approximately 14% over budget. Change orders across the five main contracts accounted for over 7% in added costs. While the project is over budget, officials note the building design and quality have been maintained.
Income from house property [autosaved]
This document discusses the taxation of income from house property under the Indian Income Tax Act. It defines house property as taxable if owned and outlines the different categories of house property - let out property, self-occupied property, deemed let out property. It then explains how to compute the annual value, deductions allowed, and calculation of net income from house property. Key steps include determining the gross annual value, deducting municipal taxes and standard deduction, and subtracting interest on borrowed capital to arrive at the net income from house property which is taxable.
Recommended
Taxation - Income from property
There are two sources of property income under Sri Lankan tax law: net annual value and rent income. Net annual value is a notional income charged on owner-occupied properties and is based on the property's rating assessment less a 25% allowance for repairs. Rent income relates to income generated from renting out a property and is the gross rent received less rates paid by the owner and a 25% deduction for repairs and expenses. Newly constructed properties and properties converted into residential units may qualify for exemptions from property income tax for a certain number of years. Occupiers of rent-controlled properties may also be charged tax on the difference between the net annual value and any rent paid.
Income under the head house property
This document discusses income tax rules related to income from house property in India. It outlines the key conditions for income to be taxed under this head: the property must consist of buildings and land owned by the assessee and not used for their own business. Exceptions include income from vacant land or property not owned by the assessee. Deemed ownership rules are also described. The document also covers calculations of gross annual value, deductions allowed, and situations where income from house property is not taxed.
Pp2 final account assignment excel
This document summarizes the final account for the construction of a residence in Kuala Lumpur. It lists the original contract sum of RM81,200,000 and deductions of RM9,600,000 for a total of RM71,600,000. Additional amounts were added for variation works, NSC's final account, profit/attendance, and additional expenses, bringing the final contract value to RM79,550,500. The document provides breakdowns of original contract sums, NSC's final account, variation works, and loss/expenses. It also summarizes extensions to the project timeline due to delays.
Pp2 coursework 2 201808
This document provides information and questions for a coursework assignment on preparing a final account as a quantity surveyor. It outlines details of the construction contract such as the contract sum and bills. It also lists extensions of time and cost adjustments that must be evaluated in the final account, including variations, nominated subcontractors' accounts, and claims submitted by the contractor for additional costs incurred. The quantity surveyor must advise on addressing errors found in the contractor's tender rates, and prepare the final account evaluating the listed cost adjustments and contractor claims according to the contract terms.
pp2 Final account-1
This document summarizes the final contract value for an apartment project constructed by PPBuilders Sdn Bhd for TayLand Development Sdn Bhd. The original contract sum was RM47,700,000 but was adjusted through variation works, net additions to NSC final accounts of subcontractors, and contractual claims. The final contract value was RM46,318,000, which factors in additions of RM604,000 for variation works, RM5,650,000 for NSC final accounts, and RM10,000 for loss and expenses.
Assignmenr for pp2 final account
Based on the information provided:
- The Contractor had priced RM 130,000 for Contractor All Risk Insurance (CARI) in the preliminaries bill.
- However, the Contractor failed to purchase the CARI when works commenced.
- The Employer then purchased the CARI for RM 180,000 on behalf of the Contractor.
As the Contractor failed to purchase the mandatory CARI as required by the contract, the Employer is entitled to recover the actual cost paid for the insurance from the Contractor.
Hence, there will be a variation of RM 180,000 - RM 130,000 = RM 50,000 that will be deducted from the Contractor's final
Mayor's City Hall Complex Cost Review
The city hall cost review document summarizes the bids and contracts for the construction of a new city hall. The original cost estimate was $17.8 million but bids came in over $2.5 million higher. Total project costs are now estimated at $20.5 million, approximately 14% over budget. Change orders across the five main contracts accounted for over 7% in added costs. While the project is over budget, officials note the building design and quality have been maintained.
Income from house property [autosaved]
This document discusses the taxation of income from house property under the Indian Income Tax Act. It defines house property as taxable if owned and outlines the different categories of house property - let out property, self-occupied property, deemed let out property. It then explains how to compute the annual value, deductions allowed, and calculation of net income from house property. Key steps include determining the gross annual value, deducting municipal taxes and standard deduction, and subtracting interest on borrowed capital to arrive at the net income from house property which is taxable.
contrac1
The document outlines a contract between Mask Building Construction and Corporate Loyalty Contracting Coating and Flooring for the supply and installation of 2cm thick Saudi white stone on the walls and appendices of a villa in Dubai for 150,000 AED. The stone work must be completed within 3 months of delivery to the site. Payment will be made in three installments: 50% upon stone delivery, 20% after 30% completion, and the remaining 30% according to completion of interfaces. Scaffolding and other services during installation will be provided by the main contractor.
Income From House Property
Income from House Property
Calculation of taxable Income under the house property under Income Tax Act, 1961
Home Renovation Checklist Prepared by Delaware Homes
This document provides a comprehensive home renovation checklist to help homeowners handle renovation projects in a hassle-free manner. It outlines steps to take for projects under $5,000 including getting quotes, checking licenses, and having a written contract. For larger projects over $5,000, homeowners should check the builder's registration, use a major domestic building contract, and ensure proper insurance. The checklist also reviews owner-builder responsibilities, building contract requirements, permits, payments, warranties, and more to help homeowners navigate the renovation process smoothly.
Pp2 coursework 2 201808
This document provides information and questions for a coursework assignment on preparing a final account for a construction project. It outlines key details of the construction contract including the original contract sum and nominated subcontractors' accounts. It also lists variations and claims submitted by the contractor that must be evaluated for the final account, including extensions of time, loss and expense claims, insurance costs, equipment variations, material replacement costs, and a claim due to a mistake in measured quantities. The final account requires assessing these claims and adjusting the original contract sum accordingly based on the contract terms and conditions.
Pp2 coursework 2 brief
This document provides information and questions for a quantity surveying assignment on preparing the final account for an apartment construction project. It includes:
1) Background on the contract sum and nominated subcontractors' accounts. Variations include changes to toilet layout and roads.
2) A question requiring analysis of implications of omitting entrance features from tender documents and adjustments for the final account.
3) A second question involving assessing the contractor's final account based on extensions of time, rejected claims, variations, and subcontractor amounts.
4) Several subquestions regarding pricing variations for relocating a door, omitted computer equipment, an unconstructed wash trough, and revised excavation rates.
Pp2 coursework 2
The document provides responses to 4 questions regarding adjustments to final accounts for construction projects based on the PAM Contract 2006.
Question 1 summarizes the key elements that must be adjusted in a final account, including variations, remeasurement of provisional quantities, omission of prime costs and provisional sums, addition of NSC and NS final accounts, adjustment of profits and attendance, adjustment of provisional sums based on actual expenditure, and claims for additional expenses and loss.
Question 2 discusses the implications of omitting an entrance porch from the tender documents that was later added as a variation, including its treatment as an additional provisional sum and the process for including its cost in interim certificates and adjusting the final contract sum.
Computation of income from house property
Computation of Income from house property for assessment year 2015-16 for taxation students, based on B Com syllabus of Goa University
Pp2 coursework 2 BRIEF 201708
This document provides information and questions for a quantity surveying assignment on preparing the final account for an apartment construction project. It includes:
1) Background on the contract sum totaling RM 47.7 million and questions requiring analysis of issues like omitted items and their implications as well as adjustments to the final account.
2) Information on extension of time, variation orders, nominated subcontractor accounts is provided to assess the contractor's final account application.
3) Explanations are requested on how various types of variations would be finalized and priced, such as a relocated door, omitted unpriced item, substitute work due to site constraints, and mistake in excavation rates.
Uop acc 290 week 3 apply connect assignment (with excel file)
uop acc 290 week 3 problem new,uop acc 290 week 3,acc 290 week 3,uop acc 290 week 3 tutorial,uop acc 290 week 3 assignment,uop acc 290 week 3 help
Lecture 3 solutions
The document discusses various examples to determine the residential status of individuals in India for tax purposes. It examines cases where individuals came to India for the first time, have been staying in India for a number of years, or visit India regularly for short periods. By analyzing the number of days spent in India in the previous year and over the last few years, the document determines if the individuals are residents, non-residents, or residents but not ordinarily residents based on rules around 182 days in the previous year or 60 days in the previous year and 365 days in last 4 years.
INCOME FROM HOUSE PROPERTY
- Income from house property is taxed on a notional basis and includes any building with characteristic features of a building such as residential buildings or cinemas.
- For a property to be considered under the head house property, it must be owned by the assessee and not used for their own business or profession.
- The annual value of a property is its expected rental income and may be taken as actual rent received in some cases, with exceptions for vacant properties.
Computation of income from house property
This document provides an overview of the computation of income from house property under the Indian Income Tax Act. It defines key terms like annual value and outlines the steps to calculate gross annual value. It describes the deductions available for let out properties as well as the treatment of self-occupied properties. The document also discusses topics like deemed ownership, recovery of unrealized rent, and set-off and carry forward of losses from house property.
Lecture 6 heads of income
- Under the Indian Income Tax Act, total income is classified and taxed under five heads: salary, house property, capital gains, business/profession, and other sources.
- Income from salary includes remuneration from employment such as basic pay, bonuses, commissions, allowances, and perquisites. Some allowances and perquisites are tax exempt.
- Income from house property is taxed based on the annual rental value of property owned, whether rented out or vacant. Standard deductions can reduce the taxable amount.
- Income from business/profession consists of profits from self-employment or operating a business, after accounting for expenses.
- Capital gains come from the profits on sale of capital
Lesson 6 income from house pro
This document discusses income from house property under section 22 of the Income Tax Act. It covers topics such as:
1. The basis for charging income from house property including the conditions that the property must consist of buildings/lands, the assessee must own the property, and the property cannot be used for the assessee's own business.
2. Computation of income from let out and self-occupied house properties including determining annual value, allowable deductions, and the tax treatment of rental income.
3. Some exemptions to income from house property like income from farm houses and properties used for approved charitable purposes.
Lecture 10 income from house property
This document provides an overview of income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by the assessee. It discusses the conditions for a property to be taxed under this head, deductions allowed from annual value, ownership and deemed ownership, exempted property incomes, and special provisions for co-owned properties.
INCOME TAX LAW & PRACTICE
The document discusses the taxation of income from house property under the Indian Income Tax Law. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, pre-construction period interest, and practical examples. Key aspects covered include defining rental income as income from house property, computation of gross annual value using fair rental value, municipal valuation or actual rent whichever is higher, deductions for municipal taxes and interest on loans.
Income from house property .pptx
Interest on Borrowed Capital for Construction of new houses.
Rules related to interest on Loan set -off
Self Occupied & Deemed to let out House Property - Exercises.
21904rtp may2011 ipcc_4
1. Mr. Ganesh's taxable income would vary depending on his residential status - as a resident and ordinarily resident all incomes listed would be taxable in India except interest received in France. As a resident but not ordinarily resident, foreign incomes would be exempt. As a non-resident, only India-sourced incomes would be taxable.
2. To calculate Mr. Viren's taxable salary income for AY 2011-12, his salary, pension, leave encashment and gratuity amounts would be included, assuming he is not covered by the Payment of Gratuity Act.
3. To calculate Mr. Ramesh's house property income for AY 2011-12, his net
HP problems
The document provides information about calculating income from house property in various scenarios and examples. It defines key terms like municipal rental value (MRV), fair rental value (FRV), standard rent (SR), and annual rental value (ARV). It shows how to calculate net annual value (NAV) by deducting expenses like taxes, repairs, and interest from ARV. It provides step-by-step workings for multiple examples involving self-occupied, let out, and partially occupied houses to determine the net income under the head "Income from House Property".
21913rtp may11 pcc_5
1. The document discusses various tax-related questions regarding residential status, income taxability, capital gains, deductions, and TDS provisions. It provides details of incomes, investments, and payments for multiple individuals to determine their total income and tax liability.
2. Question 1 discusses the taxability of various incomes for an individual based on their residential status in India. Question 2 addresses the taxability of anonymous donations received by a charitable trust.
3. The remaining questions provide additional income, investment, and payment details to calculate total income, capital gains, deductions, carried forward losses, and TDS implications for individuals and an HUF.
Income from house_property_ppt
1. Income from house property is taxed under section 22 if the property is owned, consists of buildings or land, and is not used for business purposes.
2. Gross annual value is the standard to assess income and is the higher of expected rent and actual rent received less vacancy.
3. Deductions include municipal taxes paid, standard deduction of 30% of net annual value, and interest on borrowed capital. Income from self-occupied property allows deduction of interest up to Rs. 1.5 lakh.
More Related Content
What's hot
contrac1
The document outlines a contract between Mask Building Construction and Corporate Loyalty Contracting Coating and Flooring for the supply and installation of 2cm thick Saudi white stone on the walls and appendices of a villa in Dubai for 150,000 AED. The stone work must be completed within 3 months of delivery to the site. Payment will be made in three installments: 50% upon stone delivery, 20% after 30% completion, and the remaining 30% according to completion of interfaces. Scaffolding and other services during installation will be provided by the main contractor.
Income From House Property
Income from House Property
Calculation of taxable Income under the house property under Income Tax Act, 1961
Home Renovation Checklist Prepared by Delaware Homes
This document provides a comprehensive home renovation checklist to help homeowners handle renovation projects in a hassle-free manner. It outlines steps to take for projects under $5,000 including getting quotes, checking licenses, and having a written contract. For larger projects over $5,000, homeowners should check the builder's registration, use a major domestic building contract, and ensure proper insurance. The checklist also reviews owner-builder responsibilities, building contract requirements, permits, payments, warranties, and more to help homeowners navigate the renovation process smoothly.
Pp2 coursework 2 201808
This document provides information and questions for a coursework assignment on preparing a final account for a construction project. It outlines key details of the construction contract including the original contract sum and nominated subcontractors' accounts. It also lists variations and claims submitted by the contractor that must be evaluated for the final account, including extensions of time, loss and expense claims, insurance costs, equipment variations, material replacement costs, and a claim due to a mistake in measured quantities. The final account requires assessing these claims and adjusting the original contract sum accordingly based on the contract terms and conditions.
Pp2 coursework 2 brief
This document provides information and questions for a quantity surveying assignment on preparing the final account for an apartment construction project. It includes:
1) Background on the contract sum and nominated subcontractors' accounts. Variations include changes to toilet layout and roads.
2) A question requiring analysis of implications of omitting entrance features from tender documents and adjustments for the final account.
3) A second question involving assessing the contractor's final account based on extensions of time, rejected claims, variations, and subcontractor amounts.
4) Several subquestions regarding pricing variations for relocating a door, omitted computer equipment, an unconstructed wash trough, and revised excavation rates.
Pp2 coursework 2
The document provides responses to 4 questions regarding adjustments to final accounts for construction projects based on the PAM Contract 2006.
Question 1 summarizes the key elements that must be adjusted in a final account, including variations, remeasurement of provisional quantities, omission of prime costs and provisional sums, addition of NSC and NS final accounts, adjustment of profits and attendance, adjustment of provisional sums based on actual expenditure, and claims for additional expenses and loss.
Question 2 discusses the implications of omitting an entrance porch from the tender documents that was later added as a variation, including its treatment as an additional provisional sum and the process for including its cost in interim certificates and adjusting the final contract sum.
Computation of income from house property
Computation of Income from house property for assessment year 2015-16 for taxation students, based on B Com syllabus of Goa University
Pp2 coursework 2 BRIEF 201708
This document provides information and questions for a quantity surveying assignment on preparing the final account for an apartment construction project. It includes:
1) Background on the contract sum totaling RM 47.7 million and questions requiring analysis of issues like omitted items and their implications as well as adjustments to the final account.
2) Information on extension of time, variation orders, nominated subcontractor accounts is provided to assess the contractor's final account application.
3) Explanations are requested on how various types of variations would be finalized and priced, such as a relocated door, omitted unpriced item, substitute work due to site constraints, and mistake in excavation rates.
Uop acc 290 week 3 apply connect assignment (with excel file)
uop acc 290 week 3 problem new,uop acc 290 week 3,acc 290 week 3,uop acc 290 week 3 tutorial,uop acc 290 week 3 assignment,uop acc 290 week 3 help
What's hot (9)
Home Renovation Checklist Prepared by Delaware Homes
Home Renovation Checklist Prepared by Delaware Homes
Uop acc 290 week 3 apply connect assignment (with excel file)
Uop acc 290 week 3 apply connect assignment (with excel file)
Viewers also liked
Lecture 3 solutions
The document discusses various examples to determine the residential status of individuals in India for tax purposes. It examines cases where individuals came to India for the first time, have been staying in India for a number of years, or visit India regularly for short periods. By analyzing the number of days spent in India in the previous year and over the last few years, the document determines if the individuals are residents, non-residents, or residents but not ordinarily residents based on rules around 182 days in the previous year or 60 days in the previous year and 365 days in last 4 years.
INCOME FROM HOUSE PROPERTY
- Income from house property is taxed on a notional basis and includes any building with characteristic features of a building such as residential buildings or cinemas.
- For a property to be considered under the head house property, it must be owned by the assessee and not used for their own business or profession.
- The annual value of a property is its expected rental income and may be taken as actual rent received in some cases, with exceptions for vacant properties.
Computation of income from house property
This document provides an overview of the computation of income from house property under the Indian Income Tax Act. It defines key terms like annual value and outlines the steps to calculate gross annual value. It describes the deductions available for let out properties as well as the treatment of self-occupied properties. The document also discusses topics like deemed ownership, recovery of unrealized rent, and set-off and carry forward of losses from house property.
Lecture 6 heads of income
- Under the Indian Income Tax Act, total income is classified and taxed under five heads: salary, house property, capital gains, business/profession, and other sources.
- Income from salary includes remuneration from employment such as basic pay, bonuses, commissions, allowances, and perquisites. Some allowances and perquisites are tax exempt.
- Income from house property is taxed based on the annual rental value of property owned, whether rented out or vacant. Standard deductions can reduce the taxable amount.
- Income from business/profession consists of profits from self-employment or operating a business, after accounting for expenses.
- Capital gains come from the profits on sale of capital
Lesson 6 income from house pro
This document discusses income from house property under section 22 of the Income Tax Act. It covers topics such as:
1. The basis for charging income from house property including the conditions that the property must consist of buildings/lands, the assessee must own the property, and the property cannot be used for the assessee's own business.
2. Computation of income from let out and self-occupied house properties including determining annual value, allowable deductions, and the tax treatment of rental income.
3. Some exemptions to income from house property like income from farm houses and properties used for approved charitable purposes.
Lecture 10 income from house property
This document provides an overview of income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by the assessee. It discusses the conditions for a property to be taxed under this head, deductions allowed from annual value, ownership and deemed ownership, exempted property incomes, and special provisions for co-owned properties.
Viewers also liked (6)
Similar to Income from house property sums
INCOME TAX LAW & PRACTICE
The document discusses the taxation of income from house property under the Indian Income Tax Law. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, pre-construction period interest, and practical examples. Key aspects covered include defining rental income as income from house property, computation of gross annual value using fair rental value, municipal valuation or actual rent whichever is higher, deductions for municipal taxes and interest on loans.
Income from house property .pptx
Interest on Borrowed Capital for Construction of new houses.
Rules related to interest on Loan set -off
Self Occupied & Deemed to let out House Property - Exercises.
21904rtp may2011 ipcc_4
1. Mr. Ganesh's taxable income would vary depending on his residential status - as a resident and ordinarily resident all incomes listed would be taxable in India except interest received in France. As a resident but not ordinarily resident, foreign incomes would be exempt. As a non-resident, only India-sourced incomes would be taxable.
2. To calculate Mr. Viren's taxable salary income for AY 2011-12, his salary, pension, leave encashment and gratuity amounts would be included, assuming he is not covered by the Payment of Gratuity Act.
3. To calculate Mr. Ramesh's house property income for AY 2011-12, his net
HP problems
The document provides information about calculating income from house property in various scenarios and examples. It defines key terms like municipal rental value (MRV), fair rental value (FRV), standard rent (SR), and annual rental value (ARV). It shows how to calculate net annual value (NAV) by deducting expenses like taxes, repairs, and interest from ARV. It provides step-by-step workings for multiple examples involving self-occupied, let out, and partially occupied houses to determine the net income under the head "Income from House Property".
21913rtp may11 pcc_5
1. The document discusses various tax-related questions regarding residential status, income taxability, capital gains, deductions, and TDS provisions. It provides details of incomes, investments, and payments for multiple individuals to determine their total income and tax liability.
2. Question 1 discusses the taxability of various incomes for an individual based on their residential status in India. Question 2 addresses the taxability of anonymous donations received by a charitable trust.
3. The remaining questions provide additional income, investment, and payment details to calculate total income, capital gains, deductions, carried forward losses, and TDS implications for individuals and an HUF.
Income from house_property_ppt
1. Income from house property is taxed under section 22 if the property is owned, consists of buildings or land, and is not used for business purposes.
2. Gross annual value is the standard to assess income and is the higher of expected rent and actual rent received less vacancy.
3. Deductions include municipal taxes paid, standard deduction of 30% of net annual value, and interest on borrowed capital. Income from self-occupied property allows deduction of interest up to Rs. 1.5 lakh.
Sums on capital gains
R.P. Chitale purchased a house in 1977 for Rs. 1,25,000 and constructed an additional floor in 1985-86 for Rs. 2,25,000. He sold the property in 2010 for Rs. 40 lakhs after its fair market value in 1981 was Rs. 3,00,000. Capital gains are to be computed for AY 2011-12 after he invested Rs. 5 lakhs in REC bonds in 2011.
Computation of Income from House property
Computation of Income from House property for B Com students. Based on B. Com Syllabus of Goa University for
Assessment year 2016-17.
I N C O M E F R O M H P
The document discusses the taxation of income from house property under the Indian Income Tax Act. It defines income from house property as income generated from any building or land owned by an assessee. It outlines the conditions for a property to be classified under this head, the definition of an owner, exemptions, methods of computing annual value for let out and self-occupied properties, deductions allowed, and examples of computations.
Sums on profits and gains from business or profession
This document contains information from 4 profit and loss accounts and additional details pertaining to individuals and businesses. It seeks to determine the taxable income for the assessment year 2011-2012 based on the information provided for each case. Details include income sources like profits, capital gains, interest and dividends. Deductions mentioned are expenses, depreciation, contributions and losses.
Taxation Assignment.pdf
Mr. Paul's residential status for the past three assessment years must be determined based on his time spent in India from 2017 to 2021 for his work as a commercial artist. Mr. Shastri must report various sources of income earned in India and abroad during the previous year relevant to AY 2022-23 to determine his tax liability. Mr. Chandrakant Mimaye retired from his job in 2021 and details of his salary and retirement compensation are provided to calculate his taxable salary income for AY 2022-23. Mrs. Nadkarni owns two houses, one self-occupied and one rented, and financial details are given to compute her gross total income for PY 2021-22.
The following is the Trial Balance of Munkoyo Limited as at 31 Decembe.pdf
The following is the Trial Balance of Munkoyo Limited as at 31 December 2011 You are given
the following additional information relating to the year ended 31 December 2011. 1. The
equipment is depreciated using straight line method at 20% per annum 2. The value of
inventories at 31 December 2011 is K 27 , 000 , 000 3. Interest on the loan for 2011 has not been
accrued. The agreed interest rate on the loan was 6% 4. An invoice of K 500 , 000 for
consultancy fees relating to services provided in July was received in January 2012 and is not
reflected in the above trial balance. 5. Six months rent of K2,000,000 included in administration
expenses, was paid in advance on October 2011. 6. It is estimated that the corporation tax charge
for 2011 is K20,000,000 Required: Prepare the following financial statements of Munkoyo Ltd
for the year ended 31 December 2011. 1. Statement of comprehensive income 2. Statement of
financial position or Balance sheet.
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
Similar to Income from house property sums (14)
Income from House Property . Tax on rent of house property
Income from House Property . Tax on rent of house property
Sums on profits and gains from business or profession
Sums on profits and gains from business or profession
The following is the Trial Balance of Munkoyo Limited as at 31 Decembe.pdf
The following is the Trial Balance of Munkoyo Limited as at 31 Decembe.pdf
Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I Final Exam Booklet Replacement.docx
More from sumit235
Mrp 1
The document discusses material requirements planning (MRP), which is a production planning and inventory control system used to manage manufacturing processes. MRP was developed in 1964 to simultaneously meet objectives of ensuring material availability for production and delivery, maintaining low inventory levels, and planning manufacturing, purchasing and delivery schedules. The document provides details on the history and development of MRP, how it works, inputs and outputs of an MRP system, problems that can occur, and best practices for maintaining data integrity.
Sums on service tax
This document contains 4 questions regarding calculation of service tax in different scenarios. Question 1 asks to calculate service tax on Rs. 50 lakh of services provided by Arvind to a client. Question 2 asks to calculate service tax owed on various amounts provided for different types of services by Mr. Sharma. Question 3 asks to calculate service tax owed on fees collected from different student categories by XYZ Classes Ltd. Question 4 asks to calculate the service tax liability of ABC & Co, Chartered Accountants based on amounts received for domestic and international services.
Sums on mvat
This document provides information on five cases and asks to determine if the entities are liable for registration under the MVAT 2002 law. For Vimal, his purchases exceed Rs. 3 lakhs and sales exceed Rs. 5 lakhs so he requires registration. For Rekha, her purchases and sales are both below the thresholds so she does not require registration. For Shetty & Co., the combined purchases and sales for their branches exceed the thresholds so they require registration. For Indiacraft, their total purchases exceed Rs. 3 lakhs so they require registration. For Mr. T, in April his purchases, sales and turnover all exceed the thresholds so he is liable for registration from April as per the MVAT 2002
Q & a income from other sources
This document addresses 16 questions regarding the taxation of various sources of income under the different heads of income in India. It provides answers for each question that state the appropriate head of income that different types of salaries, fees, interests, gifts and prizes would be taxed under. The key heads of income discussed are salary, business or profession, other sources, and the taxation treatment for different types of relatives.
Maharashtra value added tax
MVAT is a system of indirect taxation introduced in Maharashtra as a replacement for sales tax. It is a tax added at each stage of production and distribution, which is ultimately passed on to the consumer. VAT aims to create a uniform, transparent, and globally accepted tax structure. It benefits consumers, businesses, and the government. VAT rates in Maharashtra range from 0% to 20% depending on the good or service. MVAT applies to all dealers and importers whose annual sales or purchases exceed certain thresholds.
Maharashtra value added tax ( mvat)
VAT (value added tax) has replaced sales tax in India, including in Maharashtra, to establish a uniform, transparent taxation system. VAT is collected from producers and sellers on the incremental value added at each stage of production and distribution. In Maharashtra, VAT is governed by the MVAT Act and applies to the sale of goods at rates from 1-20% according to schedules. Key VAT concepts include the definition of goods, dealers, importers, and sales/purchase prices. Manufacturers and businesses with over 1 lakh annual sales or 10,000 rupees of taxable purchases/sales annually must register and file VAT returns electronically monthly, quarterly, or half-yearly.
Lecture 14 income from capital gains.ppt
This document discusses capital gains tax in India. It defines capital gains as profits arising from the transfer of a capital asset. It outlines the conditions for gains to be classified as capital gains, including that the asset must be transferred. It also defines short-term and long-term capital assets based on the holding period. Several exemptions are provided under sections 54, 54B, 54D, 54EC, 54F, and 54G if the capital gains are reinvested in specified assets within certain time periods.
Lecture 13 profits and gains from business or profession
This document summarizes provisions related to computing taxable income from business and profession under the Indian Income Tax Act. It covers what types of income fall under this head, the meaning of key terms like business, profession and vocation. It also discusses the basic principles for arriving at business income, allowable deductions for expenses, depreciation, and scientific research expenditure.
Lecture 12 income from business and profession
This document provides an overview of income from business and profession under the Income Tax Act. It discusses the various types of income that are taxed under this head, allowable deductions like rent, depreciation, scientific research expenditures, and disallowances. Key points include that income from any business, profession or vocation is taxed, various expenditures are deductible, depreciation is allowed on written down value of blocks of assets, and certain payments must be made by due date to claim deductions.
Lecture 12 income from business and profession
This document discusses income that is taxable under the head "profits and gains from business or profession" in India. It notes that income from any trade, commerce, manufacture, adventure, profession requiring specialized skills, or vocation with specialized skills falls under this category. It lists various types of income taxable here, such as profits from business/profession, compensation, benefits from business/profession, export incentives, interest from firms, sums for not sharing intellectual property, life insurance payouts, managing agency profits, and speculative transaction profits. Deductions are allowed for rent, taxes, repairs, and insurance of business premises, as well as current repairs and insurance of machinery, plant and furniture used for business.
Lecture 10 income from house property
Income from house property is taxable under section 22 and includes the annual value of any buildings or lands appurtenant thereto owned by the assessee. Buildings include residential and non-residential structures along with any appurtenant lands used for access, parking, recreation, or other purposes. However, if the house property or a portion is used for the assessee's business, the income is not taxable under this head. Rental income from vacant land alone is taxed under other heads, but land appurtenant to a rented house contributes to income taxable as house property.
Lecture 8 & 9 sums on salary
Mr. Anand received Rs. 120,000 for unused leave balances when he retired on 31 October 2011. His salary was Rs. 4,150 per month until March 2011 and Rs. 5,000 per month thereafter. The document provides information to calculate Mr. Anand's taxable leave salary amount upon retirement. It also includes several other questions providing salary, allowance, and retirement details for various individuals to calculate their taxable income.
Lecture 7 salary
Salary includes remuneration received for personal services under a contract of employment. For income to be categorized as salary, there must be an employer-employee relationship. Salary is taxable on a due or receipt basis, whichever is earlier. Components of taxable salary include basic salary, bonuses, commissions, allowances, perquisites, and profits in lieu of salary. Certain allowances such as transport, house rent, and leave travel are partially or fully tax exempt. Perquisites include benefits provided by employers and are taxed as salary. Specified employees who are directors, substantial interest holders, or high salary earners face additional taxes on perquisites.
Lecture 7 salary
This document discusses the definition and taxation of salary under Indian income tax law. It defines salary as remuneration received periodically for services rendered through an express or implied contract. Salary can be received from one or more employers and includes both cash and non-cash remuneration. It discusses the tax treatment of various salary components such as allowances, perquisites, and reimbursements. It also provides details on exemptions available for certain allowances based on the type and amount.
Lecture 6 heads of income
This document outlines the different heads of income under which a person's taxable income is classified and assessed in India. The key heads of income are: salary, house property, profits from business/profession, capital gains, and other sources. It provides details on what constitutes income from each of these heads, such as the types of allowances and deductions included in salary income or the conditions for business/profession income to be taxed.
Lecture 4 income exempt from tax 5
This document summarizes various types of income that are exempt from tax under the Income Tax Act of India. It discusses income such as agricultural income, income received from an HUF or partnership firm, interest received by non-residents, leave travel concession, foreign allowances for government employees, death/retirement benefits, commutation of pension, encashment of earned leave, retrenchment compensation, and payments from statutory provident funds, recognized provident funds, approved superannuation funds, house rent allowance, and special allowances that are fully or partially exempt from income tax.
Lecture 4 income exempt from tax
The document summarizes various types of income that are exempt from tax under Section 10 of the Indian Income Tax Act. Key exemptions include:
1. Agricultural income derived from land used for agricultural purposes in India. Commercial activities like dairy farming and poultry farming do not qualify.
2. Any sum received by an individual as a member of a Hindu Undivided Family (HUF) from the HUF's income/estate, as the HUF is already taxed on this.
3. Partner's share of profits from a firm that is separately assessed for tax purposes, to avoid double taxation.
4. Certain payments received from provident funds, life insurance policies, gratuity,
Lecture 3 sums on residential status
This document contains 9 questions regarding determining the residential status of various individuals in India for tax purposes. Each question provides details about an individual such as their citizenship, dates of visits to India, and number of days spent in India over different years. Respondents are asked to use this information to determine if the individuals qualify as resident, non-resident, or resident but not ordinarily resident based on criteria in Sections 6(1) and 6(6) of the Indian Income Tax Act of 1961.
Lecture 2 resident status
This document discusses residential status for tax purposes in India. It defines resident and non-resident status for individuals, HUFs, firms, companies and other persons. For individuals, residential status can be resident and ordinarily resident, resident but not ordinarily resident, or non-resident. The criteria for each status is explained, such as being in India for a certain number of days. The tax treatment of income differs based on residential status, such as residents paying tax on worldwide income and non-residents paying tax on India-source income. Specific types of income that are considered to accrue or arise in India are also outlined.
Lecture 2 resident status
An individual's residential status determines their tax liability in India. There are three residential statuses: resident and ordinary resident, resident but not ordinary resident, and non-resident. An individual's residential status depends on the number of days they spent in India in the last year and last few years. Additionally, an individual must meet further criteria to be considered an ordinary resident. The residential status principles are also applied to HUFs, firms, companies, and other entities to determine their tax obligations. An individual or entity's residential status then dictates whether their global income is subject to tax in India.
More from sumit235 (20)
Lecture 13 profits and gains from business or profession
Lecture 13 profits and gains from business or profession
Income from house property sums
- 1. Income from House Property 1. ‘X’ is the owner of a house property in Bombay. Municipal Valuation of the property – Rs.45,000, Fair rent – Rs.47,500, Standard rent – Rs.50,000. The property consisting of 2 units is occupied by 2 tenants who pay a rent of Rs.21,500 each. Construction of the property was commenced on March 1, 1989 and was completed on October 1, 1991. The property was let out from November 1, 1991. Municipal Tax imposed on the property by the Municipal Corporation was Rs.15,600. 75% of Municipal taxes are borne by the owner and 25% by the tenants. Amount paid by X during the previous year 2010-2011 is Rs.6,700. Determine the income from house property for the assessment year 2011-2012 2. ‘X’ owns a house at Chennai (Municipal Value Rs.28,000, Fair Rental Value – Rs.26,500, Standard Rent – Rs.27,000). During the previous year the house was let out from 1.4.2010 to 31.8.2010 and from 1.11.2010 onwards on a monthly rent of Rs.2,500. (It was unoccupied from 1.9.2010 to 31.10.2010). Expenses incurred are as follows: a. Municipal Taxes 12% of Municipal Rental Value b. Repairs Rs.1,200 c. Collection Charges Rs.1,000 d. Fire Insurance Rs.2,500 e. Land Revenue Rs.4,150 f. Interest on borrowed capital (Rs.60,000 is borrowed on August 1st , 2003 @ 16% p.a., construction of house is completed on May 31st, 2005) for the year 2010-11 Rs.9,600 (Loan is still unpaid). Calculate the Income Chargeable to Tax 3. For the assessment year 2011-2012, X submits the following information. Income from business Rs.27,000 Interest on non-government securities Rs.4,000 Property Income House 1 House 11 Municipal Valuation 20,000 25,000 Rent Receivable 25,000 36,000 Municipal Taxes Paid 2,400 2,700 Repairs 400 1,600 Collection Charges 500 600 Land Revenue Paid 1,400 2,250 Insurance Premium 1,700 3,275 Unrealized Rent of 2010-11 1,400 1,500 Date of Completion of Construction January 31, 1992 December 31, 1991 Determine the taxable income and tax liability of X for the assessment year 2011- 2012 (Both the houses are let out for residential purpose). He also contributes Rs.2,000 towards home loan account of National Housing Bank. 4. Parag owns a house at Mumbai, the details of which are provided below: Municipal value Rs.24,000 Fair rent Rs.22,000
- 2. The house is let out for residential purposes on monthly rent of Rs.2,500 from April 01, 2010 to May 31, 2010 and January 01, 2011 to March 31, 2011. The house is Vacant for the remaining part of the previous year 2010-2011. Parag incurs the following expenses with respect to the house property in the year 2010- 2011 : Particulars Amount (Rs.) Municipal taxes 4,000 Repairs 1,000 Fire insurance premium 2,500 Land revenue 4,600 Parag borrowed Rs.1,20,000 (which is still unpaid) on April 01, 2005 @ 20% p.a. Interest on borrowed capital for the year 2010-2011 is Rs.24,000. Construction of the house is completed on April 01, 2006. Income of Parag from other sources is Rs.96,000. You are required to determine the taxable income of Parag for the assessment year 2011- 2012. 5. Jayesh owns a house having two residential units. The construction of the house was completed on 1st April 2011. These two units are A & B and the relevant particulars are as follows A B Self Occupied Let Out Area occupied 1/3 2/3 Municipal Rateable Value 85000 110000 Municipal Taxes paid 2500 5000 Land Revenue 1200 Interest on Loan Taken for constructing house 24000 Collection Expenses 500 Unit B was vacant upto 30th June 2011 Give the income from house property for the year 2012 – 13 6. Amit owns a big house whose construction was completed on 1st July, 2011. He had borrowed Rs. 10 lacs on 1-7-2008 @ 9% interest. ½ of the house was let out @ 20,000 p.m. This portion was vacant for a period of 3 months. ¼ of the house was used by the owner for residence and ¼ for the business for full year. Other expenses are as follows Municipal Taxes Rs. 10,000 Repairs Rs. 5000 Calculate the income from House Property for the year 2012 – 13
- 3. 7. Vijay owns the following properties Residential Bungalow Shop Go down Fair Rental Value 70,000 30,000 20,000 Municipal Tax 12,600 4050 1800 Let out for annual 75000 24000 21000 rent Interest on borrowing for construction 16000 8000 10000 Wealth Tax 200 50 80 Compute the taxable “Income from House Property for A.Y. 2012 – 13. 8. Mr. Ram & Mr. Shyam are equal co – owners of two residential houses. House A is occupied by them and House B is let out to a person on rent basis Following are the details for the A.Y. 2012 – 13 Particulars House A House B Reasonable Letting Value 250000 320000 Actual Rent 25000 p.m. Municipal Valuation 200000 200000 Municipal Taxes 10% of Municipal Valuation 10% of Municipal Valuation Interest on Housing Loan 75000 75000 Insurance 10000 10000 Determine the income from House Property