I got 3 houses in Hyderabd from which i am not getting any
rent because In A house i occupied for my family, No.B was
occupied by My father and C was occupied by my sister.I am
putting Nil in the column mentioned for income from house
property. Is it right or wrong pl let me know
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Answer Posted / mbsaggarwal
IT IS WRONG AS THE ASSESSEE WILLHAVE TO PAY TAXES UNDER THE
HEAD INCOMEFROM HOUSE PROPERTY TREATING ANY ONE HOUSE
PROPERTY AS SELF OCCUPIED AND REST OF DEEMED TOBE LET
OUT.ASSESEEE MAY CHOOSE ANY HOUSE PROPERTY AS SELF OCCUPIED
PROPERTY.
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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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