House Property

This query is : Resolved 

19 November 2009 I have rented a house property for the 10 months during the previous year (2008-2009) for Rs.10,000 per month.Expected fair value of property is Rs.1,20,000.What will be my income from house property for assessment year 2009-2010 under following two different situation
1.The property remained vacant for 2months
2.The property was self occupied for 2months

What will be answer under above mentioned two situations if expected fair value of the property is Rs.90,000 or Rs.1,30,000

Thanks in advance....

20 November 2009 We consider the following for Gross Annual value of the House Property:
a) Muncipal Value
b) Fair Rent
c) Standard Rent (if property covered under Rent Control Act)
[MV or FR, whichever is higher, subject to maximum of SR]
If Actual Rent is more than SR, take Actual Rent as Gross Annual Value.

In your question,
1. The property remained vacant for 2 months

Fair Value 120000 90000 130000

Actual Rent 100000 100000 100000

Gross Annual 100000 100000 100000*
Value
*[Sec. 23(1)(c)]

2. The property was self occupied for 2 months

Fair Value 120000 90000 130000

Actual Rent 100000 100000 100000

Gross Annual 120000 100000 130000
Value


20 November 2009 Thank you very much........




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