How to find municipal value for income from house propety
This query is : Resolved
Mahesh Mahida
(Querist)
27 July 2016
Hello Friends
Please do let me know
How to find Municipal Value for calculating Gross Annual Value under the head income from house property
Actual Rent is 75000/-(6 Month) so I want to compare with the M.V. for filling ITR before due date
Thanks
Please do let me know
How to find Municipal Value for calculating Gross Annual Value under the head income from house property
Actual Rent is 75000/-(6 Month) so I want to compare with the M.V. for filling ITR before due date
Thanks
Amol S Joglekar
(Expert)
28 July 2016
you can safely go by the figure of Actual Rent.
(For academic purpose, every municipality/corporation decides the rateable value of property. It is based on the area in which the property is situated. Based on this rateable value, property taxes bill is raised. In most of the property taxes bill, you will find this value abbrevated as A.R.V.)
(For academic purpose, every municipality/corporation decides the rateable value of property. It is based on the area in which the property is situated. Based on this rateable value, property taxes bill is raised. In most of the property taxes bill, you will find this value abbrevated as A.R.V.)
Mahesh Mahida
(Querist)
28 July 2016
Thanks for reply Amol
but property is located in kandivali & it is row house 25sq mtrs & not for academic purpose
Amol S Joglekar
(Expert)
28 July 2016
BMC in its property tax bill mentions ARV.....this can be taken as the value for income tax purpose.
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