Chartered Accountants
2015 Points
Joined August 2010
What I understood from your question. you need to know the fair rent of a vacant house property so that notional rent could be included while calculating income from house property.
so fair rent is a rent which can be expected as rent in same locality. so you have to decide yourself as which figure should include in income from house property.
Moreover, Municipal value is a valuation which a municipal committee taken basis to calculate house tax only for the said property.
Hope, now you got a clear answer of your question.