Business for their residence and the occupation

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Reference no: EM131068437

Dr. Bankey Lal, a businessman, constructed a multi-storied building consisting 16 flats of equal size. The construction was started in April 2004 and completed on March 31, 2008. Of these 16 Flats, 8 were let-out to tenants for their residence, 2 to tenants for their business, 2 were used by Doctor Bankey Lal for their business, 2 were used by him for his own business and 2 were allocated to 2 employees of Dr. Bankey Lal; Business for their residence and the occupation of these 2 flats by the two employees facilitated the carrying of on his business. The rent charged from each of the ten tenants were Rs 500 p.m. but from the two employees of Dr. Bankey Lal@ Rs 200 p.m. One of the tenants were in arrear of rent for two months during the year and was unable to pay the same. After, he vacated the flat, Dr. Bankey Lal had to wait for two months to get new tenant. The expenses incurred by Dr. Bankey Lal in respect of the flats during the year ended on 31 March 2013 were as follows :- Municipal taxes for each flat Rs 750, cost of repair of each flat Rs 500, annual interest on loan on construction of house Rs 24000, Fire is insurance premium for flat Rs 100, Law charges in connection with a lease agreement were paid for each flat Rs 500.

Reference no: EM131068437

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