Define

216 views
User Avatar

88 Points Posted on 04 December 2022
annual value
0 Reply Share Follow
On 04 December 2022 at 13:18 Report
Replies (2)
Quick Summary
The Net Annual Value (NAV) of a property is determined by Section 23 of the Income Tax Act. It's calculated by taking the gross annual value, which is the difference between expected rent and actual rent received, and then deducting any municipal taxes paid by the owner. The expected rent is the lowest of the fair rent or municipal value, but not less than the standard rent.

User Avatar

GST Practitioner & Accounts
15146 Points Posted on 04 December 2022
Annual Value is defined under section 23 of the income tax Act , please refer.
Reply
On 04 December 2022 at 13:54
User Avatar

39 Points Posted on 05 December 2022
A) expected rent (least of fair rent and municipal value and highest of standard rent)
b) actual rent
gross annual value (a-b)
(-) municipal tax paid by owner during the year
= net annual value
Reply
On 05 December 2022 at 20:07

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Capital gains incidence due to bonus shares
  2. Amendment of Object Clause of Memorandum
  3. How Can I Request a Refund for an Accidental Airte
  4. TDS on salary paid in cash
  5. YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
  6. Last Date To Fill ITR For Non-Audit Case
  7. Guidance Required on Filing Fresh Registration und
  8. IT Return Refund Status AY 2026-27
  9. Clarification Regarding Income Tax Demand Notice
  10. Online PAN Download: Check How?

More recent discussions | Post

Related Topics :

Loading