House property
This query is : Resolved
Pankaj Jhawar
(Querist)
23 December 2010
If a property was not let out in the current year (but was let out in the previous year) and the muncipal tax is paid during the year of the previous year then whether the same can be claimed as deuction when the rent received was NIL during the year and how the annual value be determined if property was vacant during the year
Manmohan ACA, CS
(Expert)
23 December 2010
muncipal tax is paid during the year of the previous year shall be allowed.
Annual value of a vacant land shall be taxable ( being higher of gross municipal value and fair rent to the max of standard rent
Annual value of a vacant land shall be taxable ( being higher of gross municipal value and fair rent to the max of standard rent
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