In calculation of income under head Income from house property, NAV can be negative only in one case if you paid municipal tax/ property tax more than your rent Income.
Yes Ma'am, the NAV can be negative... Incase of Self Occupied Property, the NAV is "Nil". And if the Expenses allowed ( Municipal Tax, Water Tax etc ) exceeds the Rent received, then there might be a situation of NEGATIVE NAV.
I m getting confusion .. in case Municipal taxes paid are greater than GAV than.. maximum deduction for municipal taxes will subject to maximum of GAV or.. we can deduct it directly and ans will NAV negative.. in such cases NAV will negative or Nil
Yes, Municipal tax is a deduction which can reduce the GAV to come up NAV upto a maximum of GAV amount. In other words, NAV can be zero but CAN'T BE NEGATIVE. Only Income from House Property can be negative due to Interest on Housing Loan.
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