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Calculation of house property income

Tax queries 1210 views 4 replies

vishakha hedau

Chartered Accountant

28 Points Posted on 01 February 2014

In case of Asst Yr 2013-14, a house property is under construction upto December 2012. In December 2012, the construction is completed. In January 2013, the HP is vacant and in Feb 2013 onwards the HP is let out. So my question is what shall be the gross annual value in case of the above said property. Should i calculate Gross annual value taking rent for 12 months or only 2 months considering property to be vacant for 10 months?

What is the implication for property being under construction for 1st 9 months- to considered for GAV or not?

Replies (4)

SUMIT KUMAR JANGID

CA FINAL STUDENT

136 Points Posted on 01 February 2014

The Propetry is actual letout for two months, hence in AY 2013-14 for calulation of GROSSC TOTAL INCOME(GTI) Income From House Property will be shown for TWO MONTH letout, i.e; vacant for ten month & letout for two month.......................!

shubham

student

238 Points Posted on 01 February 2014

whenever a houze has been constructed the rent of only that period is ascertained for which the house was on rent. therefore rent of only 2 months will be gav.