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Calculations of INCOME FROM PROPERTY (SECTION. 15)

INCOME FROM PROPERTY (SECTION. 15)

From the tax year 2014, Income from property will be taxable under normal tax structure even if the rental income is less than Rs.15000.
1st Calculate Rent Chargeable To Tax (RCT)
1.      Rental income from property
xxxx

2.      Income from property
xxxx

3.      Taxable income from gift property * 
xxxx

4.      For feted amount token money 
xxxx

5.      Rental income from open plot *   
xxxx

6.      Advance tax on property    
xxxx

7.      In case tenant beans the cost of repair 1/4th of
xxxx

     Actual rent will be included in RCT 
xxxx

8.      1/10th of Unadjusted advance rent
xxxx

9.      Property tax paid by tenant  
xxxx

10.  Sighing amount from tenant (nonrefundable) 
XXX

Total Rent Chargeable To Tax (RCT)
Less:

XXX
1.      Repair charges (1/5th of RCT)
XXXX

2.      Leveling and cutting grass  
XXXX

3.      Collection charges (6% of RCT) or actual exp. (Which is less )

XXXX

4.      Property tax paid  
XXXX

5.      Lawyer fee to defend title  
XXXX

6.      Lawyer fee for drafting master rent 
XXXX

7.      Profit paid on money borrowed for construction  
XXXX

8.      Fire insurance premium 
XXXX

9.      Markup paid on loan acquired  
XXXX

10.  Ground rent   
XXXX

Total Deductions

XXX
Net Amount from Property Chargeable To Tax

XXX
NOTE:  The deduction for repair charges in computing the income from property is not allowed in case of open plot.

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