alleryStart learning →Owner lives in a rented house elsewhere for his job; own house is vacant. Value?
AMunicipal valuation
BFair rental value
CHalf of fair rent
DTaken to be nil
Answer & Solution
Correct answer: D. Taken to be nil
A house the owner cannot occupy because his employment forces him to live elsewhere in a building not his own is given a nil annual value.
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Two co-owners share a let house equally; annual value Rs 4,00,000, no loan. Each one's incLet-out house: annual value Rs 2,00,000, interest Rs 80,000. Income?House let at Rs 1,50,000 a year against fair rent Rs 1,20,000, no taxes. Income?The 30 per cent deduction under section 24(a) is taken on:Section 24(b) interest applies to a house acquired, built, repaired, renewed or:Section 22 taxes a building together with its appurtenant:Deemed owner of house property is defined in section:Taxation of co-owned buildings with definite shares is under section: