Income from house property

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ramakanth chhaparwal (Querist)
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23 December 2011 we filed for the asst year 10-11 as income from house property, rent recd from 01-04-2009 to 31-03-2010 is rs 120000( 10 *12mnths) tenant vacated the premises on 01-04-2010 and through out the previous year premises is vacant and question is for the asst year 11-12 how to show the income from house property

Aijaz Shaikh

Aijaz Shaikh (Expert)
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23 December 2011 Gross annual value will be standard rent as per rent control act.

Less: Muncipal Taxes Paid

Net Annual Value

Less : Deduction u/s 24
30% of Net Annual Value
Interest on Housing Loan

Income from House Property

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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24 December 2011 First calculate Gross Annual Value (GAV)
GAV is Higher of Fair Rental Value and Munispal Value but limited to Standard Rent.
then
GAV ******
- Munispal Tax
----------------
Net Annual Value
- 30%
- Intrest
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Income from HP