14 November 2009
My client has two house properties, one is self occupied, the other is vacant. How do we find the rental value of the property when there is no standard rent or municipal valuation? In case we ask the property delaer, will the ITO accept the valuation or will we have to take a letter n wrting in this regard form the dealer?
14 November 2009
If the municipal corporation is levying tax to you directly as the property owner, then they base it on your rateable value. They may have already given you this value but against a payment of a fee you can again take this from them. It will indicate sq.mt. of built up area and rate for assessment as well as the other areas like balconies and terraces at discounted rates.
If your cooperative society is collecting amount from you and paying to municipal corporation, they will have the list for each house / tenement on basis of which they collect taxes.
CAclubindia
