Rental Income Calculation for Mr. Mobeen in Tax Year 2022

What is Mr. Mobeen's taxable rental income for the tax year 2022?

Given that Mr. Mobeen owns a property in Gulberg Lahore, rented it to Mr. Asad, had a vacant month in February 2022, and a new tenant named Mr. Gulzar in March 2022.

Answer:

Mr. Mobeen's taxable rental income for the tax year 2022 is Rs. 1,997,500.

According to the provided information, Mr. Mobeen's taxable rental income for the tax year 2022 was calculated based on the rental income generated from his property in Gulberg Lahore. Let's break down the calculation:

1. Rental Income for January 2022:

Rent for January 2022: Rs. 17,500

Unadjustable advance payment from Mr. Asad: Rs. 300,000

Total rental income for January 2022: Rs. 317,500

2. Rental Income for the rest of 2022 (February to December):

Monthly rent from Mr. Gulzar: Rs. 220,000

Rental income for the remaining 10 months: 10 x Rs. 220,000 = Rs. 2,200,000

Total rental income for 2022: Rs. 317,500 + Rs. 2,200,000 = Rs. 2,517,500

3. Deduct allowable expenses (Rs. 500,000):

Taxable rental income for 2022: Rs. 2,517,500 - Rs. 500,000 = Rs. 1,997,500

Therefore, Mr. Mobeen's taxable rental income for the tax year 2022 is Rs. 1,997,500 after considering the rental income from Mr. Asad, the vacant month in February, and the new tenant Mr. Gulzar.