Can anyone help me in the matter that how to calculate munipal valuation of a property???
CA Sahil Garg (Searching for Job) (171 Points)
27 November 2012Can anyone help me in the matter that how to calculate munipal valuation of a property???
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 27 November 2012
Municipal Valuation should be determied by considering the Fair Rent that would be expected from properties surrounding the property where you reside. The REnt however shud not exceed the Standard Retn as per the Rent Control Act.
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 27 November 2012
Municipal or local authorities charge house tax on properties situated in the urban areas. For this purpose, they have to determine the income earning capacity of the property so as to calculate the amount of house tax to be paid by the owner of the property. But this valuation cannot be treated as a conclusive evidence of the rental value of the property, although such valuation is given due consideration by the Assessing Officer.
Hope you got it.....:)
CAclubindia
