19 November 2009
I have rented a house property for the 10 months during the previous year (2008-2009) for Rs.10,000 per month.Expected fair value of property is Rs.1,20,000.What will be my income from house property for assessment year 2009-2010 under following two different situation 1.The property remained vacant for 2months 2.The property was self occupied for 2months
What will be answer under above mentioned two situations if expected fair value of the property is Rs.90,000 or Rs.1,30,000
20 November 2009
We consider the following for Gross Annual value of the House Property: a) Muncipal Value b) Fair Rent c) Standard Rent (if property covered under Rent Control Act) [MV or FR, whichever is higher, subject to maximum of SR] If Actual Rent is more than SR, take Actual Rent as Gross Annual Value.
In your question, 1. The property remained vacant for 2 months
Fair Value 120000 90000 130000
Actual Rent 100000 100000 100000
Gross Annual 100000 100000 100000* Value *[Sec. 23(1)(c)]
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