Expected Rent of a property 4,80,000
the property was let-out for 50,000 p.m. upto Dec.2017.Thereafter property self occupied by the owner.
Rent for the months of Nov. & Dec.2017 couldn't be realized.
What will be the GAV for computing I.H.P. for the A.Y. 2018-2019 ??
12 Replies
Jay P
(30 Points)
Replied 29 October 2017
GAV should be 50000*7 = 350000. Provided the unrealised rent is bona-fide and assessee has used every possible legal way to recover that rent, but was not been able to recover rent from tenant.
Vedangi Deshmukh
(112 Points)
Replied 29 October 2017
Here expected rent is 480000 which is greater than actual rent received . So,expected rent 480000 should be GAV subject to standard rent received.
Jay P
(30 Points)
Replied 29 October 2017
Can you please explain me whether expected rent is for whole year or it is for the period of 7 months
Jay P
(30 Points)
Replied 29 October 2017
As per my opinion it is for the financial year and the answer would be actual rent received for 7 months.
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 29 October 2017
but GAV is higher of expected rent & actual rent
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 29 October 2017
my query is that whether 1,00,000(I.e.,50,000*2) is to be deducted at which step
Jay P
(30 Points)
Replied 29 October 2017
While calculating actual rent
It is to be deducted. Then take higher of both.
And the answer would still remains the same.
Expected is not higher in any way as you have to consider it on monthly basis. I think u r comparing it differently
Considering expected on yearly basis and actual on periodic basis would results into wrong solution
It is to be deducted. Then take higher of both.
And the answer would still remains the same.
Expected is not higher in any way as you have to consider it on monthly basis. I think u r comparing it differently
Considering expected on yearly basis and actual on periodic basis would results into wrong solution
Ashwin Kumar
(1234 Points)
Replied 29 October 2017
expected rent for the year 480000
for 7 months 280000
actual rent received 350000
GAV will be 350000
you need not consider the unrealised rent as such you have taken all possible legal ways to recover it.....
for 7 months 280000
actual rent received 350000
GAV will be 350000
you need not consider the unrealised rent as such you have taken all possible legal ways to recover it.....
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 29 October 2017
Aree ashwin bhai expected rent to whole year ka hi Lete h....Though property is let out for just one month.. unless property is purchased or sold during the year..
Rahul Chhabadia
(168 Points)
Replied 05 November 2017
GAV =480000 as whenever the property is let for part of year and self occupied for part of year then GAV Expected rent is calculated for whole year
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