Kindly help how to calculate the house rent on the let-out house property on lease for 3 years for rs. 10,00,000 which is refundable.
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House rent calculation of let-out house property
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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.
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.
Consider higher of the two.
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