Income from house property
This query is : Resolved
Tarang Agrawal
(Querist)
20 March 2016
A newly constructed property has been in existence for only 10 months in the previous year. It was let out as soon as it was constructed at a rent of Rs. 50,000 per month. The annual fair rent of similar property is Rs. 600,000.
What will be the GAV of such property for owner of the property ?
What will be the GAV of such property for owner of the property ?
Ankur Singhal
(Expert)
20 March 2016
Dear
In case the property is in existence for less than 12 months . GAV will be ₹500000/- in this case.
In case the property is in existence for less than 12 months . GAV will be ₹500000/- in this case.
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