Lease Rent Vs Fair Rent
This query is : Resolved
24 February 2025
If the Lease Rent of a Property is Rs. 600000 Lakhs for 3 years - Annually it is Rs. 200000. The Fair Rent in that area for such a property is Rs. 15000 pm - Annually it is Rs. 180000 then what is the Gross Annual Value in this Case ?
Dhirajlal Rambhia
(Expert)
25 February 2025
To calculate the Gross Annual Value (GAV) of a property, you need to consider the highest among the following values: Municipal Value, Fair Rent, Standard Rent, and Actual Rent Received or Receivable.
Since the Actual Rent (Rs. 200,000) is higher than the Fair Rent (Rs. 180,000), and there is no mention of Municipal Value or Standard Rent being higher, the Gross Annual Value (GAV) would be the Actual Rent Received, which is Rs. 200,000 per annum.
Since the Actual Rent (Rs. 200,000) is higher than the Fair Rent (Rs. 180,000), and there is no mention of Municipal Value or Standard Rent being higher, the Gross Annual Value (GAV) would be the Actual Rent Received, which is Rs. 200,000 per annum.
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