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2. Income Tax Management CASE STUDY : 3 Mrs Parab owns a house which is let out for residential purposes. The construction of the house is completed in June 2005. The annual letting value of the house is Rs 1,06,000. Municipal tax is Rs 26,000. On 1-4-2003 she had borrowed Rs 60,000 at 15% interest and spent it on the construction of the house, so far nothing has been repaid.

3. Question : 1)Calculate her income from house property. 2) Calculate interest on borrowed capital 3) Explain “Annual Value” U/s 23(1) of the Income Tax Act 4) State various expenses and allowances that are deductible under the Income Tax Act 1961 to compute “Income from House Property”.

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