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Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,000, Standard Rent: 63,000, Annual rent: 72,000, Property remains vacant for 5 months and loss due to vacancy: 30,000. What is the Gross Annual value? |
Chapter No. 03 - House Property - Gross Annual Value - (Sec. 23) ALV u/s 23(1)(a) i.e. Higher of MV or FV but ≤ standard rent = 63,000 ARRR excluding UR = 42,000 GAV u/s 23(1)(c) = 42,000
Dated: 17-8-2015
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