Negative NAV
This query is : Resolved
21 January 2011
If the Municipal taxes paid are more than the Gross Annual Value can the net annual value be negative and set off against other heads of income in case of let out house property?
23 January 2011
Municipal taxes cannot exceed GAV so set off is not possible.
But wait for others reply...
But wait for others reply...
23 January 2011
Muncipal taxes paid is allowed as deduction even if more than the GAV. There is no specific provision in the act that negative GAV is not allowed. It can also be taken for setoff with income from all other sources.
The act doesnot mention that perhaps as it did not forsee this situation.
The act doesnot mention that perhaps as it did not forsee this situation.
Message likes :
1 times
24 January 2011
Hi Vignesh,
Municipal tax is a deduction which can reduce the GAV to come up NAV upto a maximum of GAV amount. In other words, NAV can be zero but CAN'T BE NEGATIVE. Only Income from House Property can be negative due to Intt on Housing Loan.
It is 100% confirmed.
Sanjay
Municipal tax is a deduction which can reduce the GAV to come up NAV upto a maximum of GAV amount. In other words, NAV can be zero but CAN'T BE NEGATIVE. Only Income from House Property can be negative due to Intt on Housing Loan.
It is 100% confirmed.
Sanjay
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
