Income from house property

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srikanth (Querist)
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05 September 2010 Hi all..

X is having 2 house properties(hyderabad)one is self occupied and other is vacant throughout the year..will it come under deemed let out...if yes what is the gross annual value...

thanks

CA.Pujah

CA.Pujah (Expert)
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06 September 2010 vacant property would be deemed to be let out.
Gross annual value will be least of the following:
1) Fair mkt Value
2) Municipal Valuation
3) Standard Rent fixed for the area

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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14 September 2010 i have different opinion...
GAV of deemed let out property would be..

Municipal value or fair rent (Whichever is higher but higher value cannot exceed Standard Rent.

Assessee would have option to take one of house as self occupied and other as let out.
he would take that house as self occupied on which is total income is lesser.

CA.Pujah

CA.Pujah (Expert)
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14 September 2010 excuse me...it's highest of the above restricted to standard rent

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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14 September 2010 yes, that correct

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