Income from house property (fair rent value)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 August 2013
While calculating income from house property, how do we know fair rent value of the house or which amount we will consider for the fair rent value.
Please guide me.
Please guide me.
CA PARAS BAFNA
(Expert)
19 August 2013
When the term " fair" is used in the statute the term "unfair" also creeps in.
.
Fair rent means the rent fetched by the same kind of the property in the same locality. In case similar property can not be found, you can adjust fairly for the differences in such a way that the amount declared by you should not be "unfair" or too low.
.
.
Fair rent means the rent fetched by the same kind of the property in the same locality. In case similar property can not be found, you can adjust fairly for the differences in such a way that the amount declared by you should not be "unfair" or too low.
.
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