Answer to Question #340962 in Management for Muskan Miglani

Question

Mr.Parv, aged68 years running business as a proprietor for Jaal Enterprises.Hefurnishes the particular for the income for the previous year.

Annual value of a self-occupied house property Rs25 lakhs,

Interest paid on money borrowed for certain repairs and reconstruction work Rs20000 Income from business Rs11.30 Lakhs, after adjusting personal travelling expenses worth Rs 30000 from this.

Purchase of furniture treated as expense while calculating the above income, Rs45000. Such furniture is subject to depreciation @10 %

He paid off mediclaim premium Rs30000

Also, he purchased NABARD Bonds worth Rs100000

Compute his Net total income with suitable reasoning where required, reflecting

- Income from house property

- Income from business

- Net total income-