answer is 90000 as actual rent receivable for the year is 15000*12=180000 which is higher than gav u/s 23(1)(a) i.e=1750000.so take gav as 90000/-
TEJAS KARNANI
(student)
(160 Points)
Replied 05 September 2015
answer is 90000 as actual rent receivable for the year is 15000*12=180000 which is higher than gav u/s 23(1)(a) i.e=1750000.so take gav as 90000/-
Kanhaiya
(Tax Practicner)
(42 Points)
Replied 07 September 2015
Mr. Rohit Ji and Mr. Tejas Ji Both u r saying that Gross Annual Value will be 90000 but some experts clerify to me that actual rent is less than MV and FR Value (whichever is higher but not more than SR) due to vacancy of house only then actual rent will be taken for GAV but house is not letout owing to living of owner in the house not owing to vacancy of house.
So why should be taken Actual Rent for Gross Annual Value
I have great confusion on this point since long time.
Books are also faild to explaining the example clearly.
Ans as per the books is GAV is 175000.00 not 90000.00
CA.Deepu Rani Bisht
(Chartered Accountant)
(26 Points)
Replied 09 September 2015
if house property used for let out purpose 4 whatever reason then benefit of self occupation will be lost & accordingly.
actual rent should be taken for 12 month 4 comparing with std. rent after that it takes on actal manth paid.
Kanhaiya
(Tax Practicner)
(42 Points)
Replied 09 September 2015
Deepu Rani I think GAV should be as per law and according to other expert as given above is 175000.00
CAclubindia
