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Find out the income chargeable to tax

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Reference no: EM131793039

Mrs Mangla owns a house. It is given on rent to a post office. Municipal value of the property is Rs230,000. Fair rent is 240,000 and standard rent is Rs 234,000.Muncipal taxes paid by Mrs Mangla is Rs 50000 on March15, 2015 and Rs 55000 on May15,2015. On May 1, 2015, rent is increased from Rs 15,000 to 20,000 per month with retrospective effect from April 1,2014 Arrears of rent of 2014-15 are paid on May1, 2015. Find out the income chargeable to tax for the assessment year 2015-16 and 2016-17.

Reference no: EM131793039

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