Mr. Ameen has a house at Motijheel C/A with an area of 4800 square feet. He let out this house to a computer firm at an annual rent of Tk.600000/=. The municipal value per square feet at Motijheel C/A is Tk.120/=. Expenses that were incurred during the income year includes: City corporation tax Tk.15000/=, Repair expenses Tk.190000/=, Fire insurance premium Tk.9000/=, Night guard’s salary Tk.7000/= and Installation of electricity line Tk.25000/=. During the year Mr. Ameen paid installment of loan to HBFC Tk.67,500/= (principal amount is Tk.64,000/=). According to the agreement, the owner bears the water and gas bill of the tenant which amounted to Tk.22000/= for the year. Compute income from house property for the year.
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