House Property Exereise Mr. Azmal Huda is a 70 year old independence war veteran. On December 2021, he retired from an MNC where he used to work as the Chief Communication Officer for more than 20 years. On his retirement, he received a handsome amount of Tk.3 crore as retirement benefits from the following: unrecognized provident fund Tk.1 crore, gratuity fund Tk.Icrore, workers’ profit participation fund Tk.75,00,000, superannuation fund Tk.25,00,000. While on service, Mr. Huda built two houses: one at Mirpur and the other one at Bani information relating to two house property for the income year 2021-2022 are as follows jem nine storied building where each floor consists of two flats. Mr. Huda’s s on the first floor alongside her only son, a banker, He receives nothing from her sister and nephew. The other flats are let for an average monthly rent of Tk.15,(100, ‘The annual reasonable rent for the property is Tk.25,00,000. Mr. Huda bears WASA bill of ‘Tk.50,000 during the year. Mr. Huda incurs the following expenses for the house during 2021-22: Salary of caretaker Tk.15,000 p.m. Salary of four guards Tk.5,000 each p.m. White paint expenses Tk.100,000 Salary of lift man Tk.6,000 p.m. Land development tax Tk.20,000 Ground rent Tk. City corporation tax Tk.30,000 An insurance policy of Tk.500,000 was purchased for five years to protect the house from fire incident. The annual insurance premium is Tk.50,000. Installation of generator Tk.100,000 Payment of loan with interest to House Building Finance Corporation Tk.250,000 (interest Tk.50,000). ¢ = The tenant of a flat went untraced for one month after paying first two months’ rent. After taking all legal actions, Mr, Huda could not recover the month's rent. ‘The flat remains vacant further for two months before letting out to a tenant. House at Banani: This modem three storied house has recently been built. The first two floor is a duplex system which is let out to a foreign company at an annual rent of Tk.20,00,000. The other floor is occupied by Mr. Azmal Huda for family accommodation. The reasonable rent for such accommodation is Tk. 54,00,000. Mr. Huda receives Tk.500,000 as security deposits from the foreign company as security deposits which is not adjustable against monthly rent, Mr, Huda bears all electricity, gas and WASA bills of the accommodation which stands, Tk.120,000 per annum. Other expenses include Tk. 50,000 city corporation tax, Tk.40,000 ground rent, Tk.25,000 land development tax, and Tk.100,000 insurance premium. Mr. Huda received a loan of Tk.50,00,000 from Islami Bank Bangladesh Ltd., Banani Branch at a flat rate of 9% for the construction of the house. Mr, Huda started receiving income from the house from the income year 2020-2021 and therefore could not pay the interest of Tk.900,000 during the construction period. During the income year 2021-2022, Mr. Huda has made the following investments: Purchase of life insurance policy for him Tk.500,000 (Insurance Premium Tk.60,000 pa) ¢ Purchase of life insurance policy for his autistic son Tk.500,000 (Insurance Premium Tk.0,000 p.n.) © Purchase of share from IPO Tk.200,000 . . . . . . .Investment in 10% taxable govt, securities Tk,800,CH1), Purchase of shares of a public limited company in Dhaka Stock Exchange Tk.LOG,000 Donation to Ahsania Mission Cancer Hospital Tk.40,000 Contribution to PM Relief Fund Tk.50,00) Purchase of Family Savings Cerificate Tk.5(1),(H) Purchase of Gold Jewellery Tk. 500,(000 : Determine the total taxable income of Mr, Azmal Huda for TY 2021-2022 and the y for him during AY 2022-2023.Mr Azmo| do, — Probl on HP Zeon. from Solewy L vebieormant benefit : 10006090 Uneecag nized PF Gare oe) 4d 0p Q Engl ety Cooke 100,60, 660 Geahily ©) Exureeted Gt) (1201 60, 00) 6 Weer 751061000 © Trrempled Gm) 4 150000 Super anton tion fond 25141000 149, 33,000 Chet A, Sede 1) —.Jnome, from — thre, Property 2 {lose of Mir por | Actual — Rem} (‘sie0y lexi) 2512000) ©) Tonanl é Txpeanes (unsa) x4 @ 750) Renised 244761 500 Revonable Rint (2500080 > 211 871 S90 Arnal Valve (ou anes ) ; 7476) 500 lis: Admizaible, Txpey { , Repair and Moin denancey (257-X 24761500) , 619 [25 Land Develops | wy? — Ground ae [B125— City Gop CE) 262.50 Annual / at o 4.3758 Inforest on HBFC . 43750 . Allowance sr mre ' 14741 FAMSOD | ig * ig. Vawancy (llowsncss (3 x 1) 29 982, : oun . ae "Waoed fio @ FFAS 16.6377;Trams Yd 24 ‘6x77 a Deemed incomb, (note) Grits — 592.000) res Tolal Tnomts Som IP of- Hiv pur i [peta Howe at- Banani Advol Runt an’ CD TemanlS fap @) (50) Rwised Ach ~ bp oram Renonabley Pan (s4 *5) Ber000tH - Arowal “alue C high =) ‘eae oO Seeonily Deprits, ee 7 t ( ws, Mmissible Debits. ape Pugnie and Maintenance, (o04 Y 360m) me _ — 0,000 City Gopgvation Tox (sorer 3) 33, 338 Grned pnt CZ) 1G, 66 7— (and dw 2 2 Toh Srovrnet, Fumio,” (Z') = £6657 Inlorest- (lenses yougx & ) e £109 3 = ‘ Inher doing Con ono) | 2 (78 49859) Incomes us" 8d ZAG 666Investount — Allowances ; . p.00ee iS Trouranty Premium (oan ) Gor) ee Shanes from [PO : i 200)000 Jo0,0c0 DE, 1 4os000 Aboyanio, mood Refef Fond _ Govt gulvtlios . oa 00/000 Tomily 5G 5201000 — 1F1 70,00 Jox Cvedit- —— 20°f- of Tham (ext Py) — 389 S813 or , petuale (7901 600 or [0000000 uhichowrr > lower «== W730 5 toy, = 265500Total “Taxable Incont from Hone at- Mirpor = u n "1 Banan} from — beirut + beneSi} ~ (4 JF on Gort Secumties As lu % G4Soflur of- autistic son — Gn Sins 1000 — ~" taxtF- — fo9000 — SH » n 300,000 _ lo f- un h * 400000 ~ SY “ W 520000 — 20/7. C) Toe Codi} ~ Neb for, liability oe (6:9S~ 909, 27:50 666 49, S0:000 1193196, SER 80/000 19,47, 658R- 0 — ‘ 5 000 30000 says 20 — [coco [FFA 6S — 257, ~ 449144,192 - 963, 4 (Zea) 43, 70, 642