Piyush (Manager) (64 Points)
12 April 2012I want to know if a person owns 2 houses and 1 is self-occupied,
Other is rented for only 3 months during the year, so in this case which income should be considered 3 months actual rent or notional deemed rent for the entire year.
Please help. Thanks in advance
kavitha
(studying final)
(830 Points)
Replied 12 April 2012
fair rent, muncipal value, standard rent , rent for month do u have any details about that sir. give me brief account
Vinod
(CA in Practice)
(445 Points)
Replied 12 April 2012
In your case, the annual value for the second house is the municipal value or fair rent whichever is higher. This should not be more than Standard Rent.
But if actual rent is less than the above because of vacancy, then actual rent is the fair rent.
Please work our accordingly.
Piyush
(Manager)
(64 Points)
Replied 12 April 2012
PRIYANKA GUPTA
(ASSISTANT)
(154 Points)
Replied 12 April 2012
In your case we considered 3 month actual rent because actual rent is less only due to vacany.
Vinod
(CA in Practice)
(445 Points)
Replied 12 April 2012
CAclubindia
