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?
Nikhil Kothari
(Expert)
23 January 2011
Municipal taxes cannot exceed GAV so set off is not possible.
But wait for others reply...
But wait for others reply...
Vivek Raju P
(Expert)
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.
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Sanjay Garg
(Expert)
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
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