loss due to vacancy - income from house property
This query is : Resolved
Naveen Swami
(Querist)
21 July 2011
what is the treatment of loss due to vacancy?
In one book i have read that loss due to vacancy is deducted from amount selected from municipal valuation,fair rental value,standard rent & Actual Rent - Unrealized Rent.And the amount after deducting loss due to vacancy is GAV.
In anoter book i have read that After selecting from MV, FRV & SR compare the selected amount from (Actual rent - Unrealized rent) whichever is higher is GAV
But in case actual rent-Unrealized rent is less than Selected amount from MV,FRV & SR Due to loss due to vacancy (i.e. if there is no such loss Actual rent would have been greater) in such a case Actual rent - unrealized rent will the GAV
Plz suggest which method is correct ..........
In one book i have read that loss due to vacancy is deducted from amount selected from municipal valuation,fair rental value,standard rent & Actual Rent - Unrealized Rent.And the amount after deducting loss due to vacancy is GAV.
In anoter book i have read that After selecting from MV, FRV & SR compare the selected amount from (Actual rent - Unrealized rent) whichever is higher is GAV
But in case actual rent-Unrealized rent is less than Selected amount from MV,FRV & SR Due to loss due to vacancy (i.e. if there is no such loss Actual rent would have been greater) in such a case Actual rent - unrealized rent will the GAV
Plz suggest which method is correct ..........
CA SANKAR 9585590515
(Expert)
21 July 2011
Actual rent is less than Fair rent because of vacancy, take actual rent as GAV
If Actual rent is less than fair rent because of any other factors, fair rent will be the GAV
If Actual rent is less than fair rent because of any other factors, fair rent will be the GAV
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