PROPERTY EVALUATION
This query is : Resolved
19 July 2023
Dear Sirs : My query is :::: For filing of Income Tax Return on income from house property for assessment year 2023-2024, Is it mandatory to mention evaluation report for property rented in income tax return . Kindly advise. Regards
19 July 2023
No. Not mandatory.
19 July 2023
SIR : The rental income is this case is above Rs. fifty lakhs
19 July 2023
Annual value of the house property is based on the following factors:-
A) Actual rent received or receivable – This is the actual rent received/receivable by the owner of the house property on letting the house property.
B) Municipal value – This is the value as determined by the Municipal authorities for levying Municipal taxes on house property. Municipal authorities normally charge house tax/Municipal taxes on the basis of annual letting value of such house property.
C) Fair rent – Fair rent is the rent which a similar property can fetch in the same or similar locality, if it is let out for a year.
So, no need for its evaluation report while filing ITR, even if rental income is above Rs. 50 lakhs. In case of any query, you may submit it provided fair market value is not available otherwise.
A) Actual rent received or receivable – This is the actual rent received/receivable by the owner of the house property on letting the house property.
B) Municipal value – This is the value as determined by the Municipal authorities for levying Municipal taxes on house property. Municipal authorities normally charge house tax/Municipal taxes on the basis of annual letting value of such house property.
C) Fair rent – Fair rent is the rent which a similar property can fetch in the same or similar locality, if it is let out for a year.
So, no need for its evaluation report while filing ITR, even if rental income is above Rs. 50 lakhs. In case of any query, you may submit it provided fair market value is not available otherwise.
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