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

CA Sanat Pyne (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHUBHANGI GOEL

Pawan Haryani

Samyak Jain

UPENDRAN YADAV

T.N.Reddy

Subscribe Now

house property income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

GST CONSULTANCY

Senior Executive

CA Final

Manager- Finance and Compliance