Income tax 2022-2023 latest __

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Sujana

92 Points Posted on 01 June 2023

In case standard rent is given, then gross annual value taken cannot exceed standard rent, so standard rent given is to be taken for our calculations but if actual rent received is higher than standard rent, then actual rent will be taken for further calculation. What is the meaning of this sentence?

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Quick Summary

This discussion clarifies the calculation of Gross Annual Value (GAV) for income tax purposes, specifically concerning rental income. It explains how standard rent, actual rent received, and vacancy loss are factored in. The core of the query revolves around determining the correct GAV by comparing different rent values and applying adjustments for vacancy, seeking confirmation on the correct calculation process.

Sujana

92 Points Posted on 01 June 2023

URGENT URGENT URGENT

1)ERV highest of 2

FRV MRV

2)AERV least of 2

ERV SRV

3)ARV

Rent received + outstanding rent - un realised rent

4)Highest of AERV ARV selected And

5)Adjusted ARV is ARV - Vacancy loss

Doubt:- *****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And

2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ARV

3)Or else Only after Adjustment of vacancy loss we will have gave

4)Is this proforma right?

Sujana

92 Points Posted on 05 June 2023

Originally posted by : Sujana
	URGENT URGENT URGENT 1)ERV highest of 2 FRV MRV 2)AERV least of 2 ERV SRV 3)ARV Rent received + outstanding rent - un realised rent 4)Highest of AERV ARV selected And 5)Adjusted ARV is ARV - Vacancy loss Doubt:- *****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And 2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ARV 3)Or else Only after Adjustment of vacancy loss we will have gave 4)Is this proforma right?