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House/property tax for rented flat in Ghaziabad

Arun (Freelance Software Professional) (183 Points)

18 March 2011

Hello,

I own a flat in Indrapuram Ghaziabad. I had rented this flat for some part of previous year. How can I calculate the house/property tax for this flat for the FY 2010-11?

Thanks in advance.

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4 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 18 March 2011

It is assumend that the Property is vacant for the part year. Where the let out Property is vacant for part of the year, then the actual rent is lower than ALV, then the actual rent received or receivable will be the Gross Annual Value of the Property.

For Eg: If the monthly rent is Rs. 5000, then the annual value of the Property will be Rs. 60000, but if it is vacant for 3 months, then the rent received / receivable will be Rs. Rs. 45000. Municiapl Tax paid Rs. 2000.

Therefore,

GAV 45000

Less : Municipal Taxes 2000

Net Annual value 43000

Less : Stanadard Deduction @ 30% as per sec 24 12900

(30% of Rs. 43000)

Income from House property 30100

Note:

1) You can also claim the Interest on Loan taken for construction / purchase of the House Property.

2) Municipal Taxes to be paid only if it is paid by the Owner of the House Property.

Regards,

Devendra

Arun (Freelance Software Professional) (183 Points)
Replied 19 March 2011

Thanks for your reply. Can you tell me how will be the municipla tax calculated for my case i.e a flat rented for some part of the year? I know that its related to the super area of the flat but I am not aware of the entire calculations.

Devendra (Chartered Accountant) (4775 Points)
Replied 19 March 2011

I don't know the basis on which the Municipal Tax is calculated. May be it depends on the Municipal Value of the House Property.

Regards,

Devendra K

mishbha (Member) (21 Points)
Replied 19 December 2011

Hi,

Please could you let me know what is the last date for submitting the Property/House Tax in Ghaziabad? And if the Property is let out, then the Property Tax is 10% of the annual rental amount? Please confirm.

If you have any source for this information, please let me know as nowhere on GNN website I can search this info.

Thanks