What is mean by expected rent in house property tax and how do we calculate gross annual value of a house if standard rent is1,20,000
and municipal value 75,000 .please try to me your best explaination to me. thankyou in advance.
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House property tax
Replies (1)
Manish ,
Expected rent means amount of rent you will earn for the year if your property is rent out.
For example it is 15000 pm
so for 12 months it is - 180000
Municipal Value - 75000
So GRV - 180000 but it is subjected to Standard rent which is in your case it 120000.
NRV - 120000 - Municipal taxes - Std. deduction - Int. on HP (if any)
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