house property income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 June 2010
let out property ...if we receive rent less than the previous year shall we take the actual rent or the rent recd in previous year(fair rent ) for current year calculation.....pls advise
CA Sanat Pyne
(Expert)
15 June 2010
When the property is not let out: Annual value of a property means expected rent to be receivable from house property (fair rent) or municipal value, which is high. In short your annual rentable value as determined by the competent authority could be taken as annual value.
When the property is let out: here, rent received or receivable is in excess of the sum mentioned above, then the rent so received or receivable shall be taken to be the annual value.
IF RENT RECEIVED IS LESS THAN FAIR RENT THEN FAIR RENT WILL BE TREATED AS ANNUAL VALUE.
When the property is let out: here, rent received or receivable is in excess of the sum mentioned above, then the rent so received or receivable shall be taken to be the annual value.
IF RENT RECEIVED IS LESS THAN FAIR RENT THEN FAIR RENT WILL BE TREATED AS ANNUAL VALUE.
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