M/s. Ali Limited has a building, which is rented out at monthly bases. As per...
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M/s. Ali Limited has a building, which is rented out at monthly bases. As per agreement the rent includes the payment on account of utility bills equal to 25% of rent. The company incurred the following annual expenses in respect of the house: Repair charges Rs. 110,000 Insurance premium Rs. ? Interest on loan from HBFC for the house Rs. 200,000 Property tax Rs. 25,000 Electricity bills Rs. 16 000 Water bills paid to WASA Rs. 17,200 Gas bills Rs. 14,800 Hint: Income from other sources Rs. 132.000 which is 44% of total taxable income for the Year from property Required: Solve question with prescribed manner and compute the following items I. Monthly rent. II. Insurance premium
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