Annual Value - (Section 23)

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..... ty been let. In determining the annual value there are four factors which are normally taken into consideration - Actual rent received or receivable Municipal Value Fair rent of the property Standard rent Following are the steps for computing annual value :- Step 1 : Determine the Gross Annual Value (GAV) Step 2 : Deduct municipal tax from GAV calculated above (GAV - Municipal Taxes = Net Annual V .....

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..... esser amount of ARRR is other than vacancy also. Deduction for Municipal Taxes is subject to following two conditions: It should be borne (paid) by the assessee and It should be actually paid during the previous year. As per Explanation to Sec. 23(1) but subject to rules For the purpose of Sec. 23(1)(b) 23(1)(c) Amount of Actual Rent Received / Receivable by the owner (ARRR) shall not include the .....

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..... r or any other benefit therefrom is derived by the owner. Section 23(4) :- In case property referred in sec 23(2) consist of more than TWO HOUSES [FA 2019, w.e.f. 1-4-2020] the provision shall apply in respect of TWO HOUSES [FA 2019 w.e.f. 1-4-2020] at the option of the assessee and the annual value shall be determined as per sec 23(1). Section 23(5) - Inserted by FA, 2017, w.e.f. 1.4.2018:- Where .....

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