HP under Rent Control Act
|
HP not covered under Rent Control Act
|
||||
a. FRV or MRV whichever is higher
b. Amount (a) or SR whichever is lower
c. Amount (b) or AR whichever is higher
|
xxx
xxx
xxx
|
Fair Rental Value (FRV) or
Municipal Rental Value (MRV) or
Actual/Annual Rent (AR)
|
Whichever is higher
|
||
Gross Annual Value
|
(c)
|
Gross Annual Value
|
Xxx
|
||
Less: Municipal taxes paid by owner
|
xx
|
Less:Municipal taxes paid by owner
|
xx
|
||
Net Annual Value
|
xxx
|
Net Annual Value
|
xxx
|
||
Less: Deductions U/S 24
|
|
Less: Deductions U/S 24
|
|
||
a. Standard deduction @ 30% NAV
b. Interest on Loan
|
x
x
|
xxx
|
a. Std. Deduction @ 30% NAV
b. Interest on Loan
|
x
x
|
xxx
|
Income from House Property
|
|
xxx
|
Income from House Property
|
|
xxx
|
- Pre-Construction Interest: -
Loan Amount
|
X
|
Interest Rate
|
Preconstruction period(months)
|
X
|
1
|
|
|
|
12
|
|
5
|
- Previous year interest – Actual interest paid/payable on loan outstanding during the RPY i. e. 2004-05)
- NAV of Self Occupied Portion will be treated as NIL
- NAV of Let-out portion is calculated as follows
Purpose / Date of Loan
|
Maximum amount of deduction U/S 24
|
a. if loan is taken before 1-4-99 - - - - - - - - - -
b. if loan is taken on or after 1-4-99 - - - - - - - - -
2. for Repairs / Renovation / Reconstruction / Improvement
(Date of borrowing is immaterial)
|
Rs.
30,000
1,50,000
30,000
|