House propertity

If an House property is self occupied for few months and let out for the other months then Fair rent of the property for the whole year shall be taken into account for determining the annual value(i.e. the period for which the property is self occupied shall also be taken as Letout)....Here u have to take 12 mnths instead of 6 mnths

If the assesse owns more than 1 house property which is Self occupied then out of that any one of the property shall be considered as Self occupied, remaning all are considered as letout properties

Thanks a lot Manikanth..Please mention the Income Tax Section ..

It is one of the types of House property as per the Provisions Under the head Income from House Property. In ur Case name of that type is Part of the year Self occupied and Part of the year Letout

 As per sec 23(1)(c)  actual amount received will be taken as gross annual value

Sec 23(1)(c) applicable only when the property is letout and was vacant during the whole or part of the year.As a result of that vacancy the actual rent received or receivable is less than the fair rent then the actual rent will be considered as Gross annual value

and as per sec 23(1)(b) if actual rent is grater than expected rent then actual rent is taxable..

so in any case actual rent is taxable..

but if actual rent per month is less than expected rent per month then expected rent will be taxable..

In my case it is difficult to estimate the Municipal Value then shall we take (15000*12) i.e.180000 as a expected rent  ? and since my actual rent is (15000*6) i.e. 90000. So my Gross Annual Value is Rs. 180000. 

What is your opinion ??

in this case GAV will be 90,000