deemed let out house property

Rental Income of Deemed to  let out property :- Higher of Municipal Value or Fair Rent but subject to maximum of standard Rent. 

1. Municipal Value:- This is the value as determined by the Municipal authorities for levying Municipal taxes on house property. Municipal authorities normally charge house tax/Municipal taxes on the basis of annual letting value of such house property.

2. Fair Rent:- Fair rent is the rent which a similar property can fetch in the same or similar locality, if it is let out for a year.

3.Standard Rent:- The standard rent is fixed under the Rent Control Act. If the standard rent has been fixed for any property under the Rent Control Act, the owner cannot be expected to get a rent higher than the standard rent fixed under the Rent Control Act.

FOR REMAINING 3 PROPERTY , THE NOTIONAL RENT IS TAKEN FOR THE PURPOSE OF TAXATION