Tax on house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2012
Dear sir ,
plz tell me while calculating income from house property, how to know market value, face face and control rent.actual rent is Rs 21000 only.
how to calculate income from H/P
plz tell me while calculating income from house property, how to know market value, face face and control rent.actual rent is Rs 21000 only.
how to calculate income from H/P
CA PARAS BAFNA
(Expert)
21 February 2012
Fair rent can be decided by getting the idea about a similar property in the same vicinity. Standard Rent Control Act is applicable in certain specific areas only, so you may skip it.
.
The reasonableness has to be decided on the basis of locality only and in small cases like this, AO generally excepts the rental
income as shown by the assessee.
.
The reasonableness has to be decided on the basis of locality only and in small cases like this, AO generally excepts the rental
income as shown by the assessee.
22 February 2012
Calculate income taking rent as Rs. 21,000/- (actual rent received).
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