Riaz Academy
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.
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)
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.
computing the income from property is not allowed in case of open plot.
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