Valuation of Rent Free House
Before calculating the value of rent free house, following information is collected
- Nature of employment : Govt., Semi Govt. or any other.
- Place where rent free house is provided :
All cities, towns have been divided into 3 categories depending upon their population as per census of 2001 as under—
- All cities, towns having population exceeding 25 lakhs.
- All cities and towns having population exceeding 10 lakhs but not exceeding 25 laths.
- All other cities, towns having population of 10 lakhs or less than 10 laths.
- Meaning of accommodation. It shall include a house,
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Discuss some of the social aspects of production in society.
Mr. Raman Prakash is reader in a college, run by a society, on a monthly salary of Rs. 44, 000. Besides salary he also gets 43% of salary as dearness allowance, Rs 800 p.m. entertainment allowance and Rs. 500 p.m. as proctor’s allowance. During the year he gets Rs. 450 p.m. as additional D.A. Arrears of salary receive Rs. 25, 000.
He contributes 10% of his salary to Provident Fund. The college contributes an equal amount. Interest credited to his provident fund @ 12% amounted to Rs. 40,000. Three children of Mr. Raman Praksh are studying in an institution run by the society, which runs the college for which he paid nothing. Normally, expenditure in an institution of that standard comes to Rs. 1,500 p.m. for one student. Mr. Raman Prakash is provided with a rent-free accommodation in a city (population 13 lakh) which is owned by the college.
Its fair rental value is Rs. 2,500 p.m. A gardener for the upkeep of the garden on the back side of the house is also provided. The salary of gardener amounting to Rs. 300 p.m. is also paid by the college. During the year Mr. Raman Prakash proceeded on two months’ leave with full pay to his home at Jaipur. The college paid Rs. 6,500 being the air fair to and from Jaipur fro him and his wife for this purpose.
Compute the taxable salaries income of Mr. Raman Prakash for the year ending on 31st March, 2016 for the assessment year 2016-17
Kufunda
Interest on Securities
Anomie
From the following information of Mr.Sunil, compute the taxable income of house property:
Mixed form of religion