DEEMED RENTAL VALUE

This query is : Resolved

vandana (Querist)
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14 November 2009 My client has two house properties, one is self occupied, the other is vacant.
How do we find the rental value of the property when there is no standard rent or municipal valuation?
In case we ask the property delaer, will the ITO accept the valuation or will we have to take a letter n wrting in this regard form the dealer?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 November 2009 If the building is assessed to building tax by the local authorities, definitely there will be valuation. Pl check once again.

I don't think the ITO will accept the option suggested by u.

Sunil

Sunil (Expert)
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14 November 2009 If the municipal corporation is levying tax to you directly as the property owner, then they base it on your rateable value. They may have already given you this value but against a payment of a fee you can again take this from them. It will indicate sq.mt. of built up area and rate for assessment as well as the other areas like balconies and terraces at discounted rates.

If your cooperative society is collecting amount from you and paying to municipal corporation, they will have the list for each house / tenement on basis of which they collect taxes.

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