how to value the "annual rent" under the wealth tax act, if a house is let out for the part of a year?
1 Replies
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 15 June 2010
If the property is let and was vacant during the previous year the annual rent means the amount which bears the same proportion ti the amount of actual rent received or receivable by the owner for the period for which the property is let as the period of 12 months bears to such period.
For instance, where a person receives Rs 8400 as rent of a house which is let for a period of 7.5 months during the relevent previous year, annual rent will be Rs. 13440 (being Rs. 8400*12/7.5)
Recent Topics
- GST TAX SLAB ON RENT A CAB
- ITR 2 not available for filing yet? AY 25-26
- Failed to complete pre validations.RET00001 GST RE
- RCM on Groundnut purchased from farmers
- Cash transfer treatment between spouse under new r
- APPLICABILITY OF GST ON PULSES PREPACKED AND LABEL
- HSN Code for Keychain (Plastic+metal)
- Society and development, Highlighted by a term fin
- REGISTER ACCOUNT IN INCOME TAX PORTAL - NRI &
- LTCG ON PROPERTY SOLD IN PARTS
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
