can anybuddy tell me what is the right procedure to calculate gross anual value under house property?
should we campare standard rent with actual rent after deducting unrelised rent or before deducting unrelaised rent?
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Income tax challange
Replies (3)
| COMPUTATION OF INCOME FROM HOUSE PROPERTY | |||
| Municipal Value | 110,000.00 | ||
| OR | |||
| Fair Rent | 135,000.00 | ||
| (Whichever is higher) | |||
| 135,000.00 | |||
| OR | |||
| Standard Rent | 125,000.00 | ||
| (Whichever is lower) | |||
| REASONABLE EXPECTED RENT OR (ERV) | 125,000.00 | ||
| OR | |||
| RENT RECD. AFTER DEDUCTING UNREALISED RENT | |||
| Actual Rent Recievable (12000 p.m) | 144,000.00 | ||
| Less: Unrealised Rent | 24,000.00 | 120,000.00 | |
| ( 2 months rent unrealised) | |||
| (WHICHEVER IS HIGHER) | 125,000.00 | ||
| LESS: Loss due to vacancy | 12,000.00 | ||
| INCOME FROM HOUSE PROPERTY | 113,000.00 | ||
Damn.. You are asking a doubt and the named it as TAX CHALLENGE?? Is this a challenge? Pity
BUT GIRISH AHUJA SIR DO NOT FOLLOW THIS PROCEDURE
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