House Property
This query is : Resolved
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
Thanks in advance....
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
Thanks in advance....
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)]
2. The property was self occupied for 2 months
Fair Value 120000 90000 130000
Actual Rent 100000 100000 100000
Gross Annual 120000 100000 130000
Value
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)]
2. The property was self occupied for 2 months
Fair Value 120000 90000 130000
Actual Rent 100000 100000 100000
Gross Annual 120000 100000 130000
Value
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
