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Income from house property

Krishanu Majumder (Accountant) (39 Points)

16 November 2011

Dear sir, please tell me where I can get the fair market value and standard rent for a house property situated in kolkata? Is there any way to calculate income from house property without knowing these?

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5 Replies

Mary Asha (Chartered Accountant) (112 Points)
Replied 16 November 2011

If nothing is mentioned regarding fair value.. Then you have to consider actual rent as a fair value.. And standard rent has to be mentioned in the problem.. If not mentioned then consider it to be nil..

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CA Hardik Bunha (self) (2121 Points)
Replied 16 November 2011

hi, You can get these value from your municipality bill. this calculation should be made in sq. foot which is determined by municipal authority. As u show back side in municipal bill rate for sq. foot * your carpet area which is mention in municipal bill. this way u will get fair market value.

@ Mary Asha how can it be possible as NIL. For your kind information income from house property is chargeable on NOTIONAL basis.

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Rahul Gupta (Chartered Accountant) (644 Points)
Replied 17 November 2011

@ Hardiik Bunha i agreed

@ Mary Asha it is a real question and not a problem of Numerical

However in case there are certain chances that sometime these figures are not available in Municipal Bill than you have to you approach your Municipal Corporation Authority there you can get the details easily.

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