Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Income tax 2022-2023 latest __

Sujana (92 Points)

01 June 2023

In case standard rent is given, then gross annual value taken cannot exceed standard rent, so standard rent given is to be taken for our calculations but if actual rent received is higher than standard rent, then actual rent will be taken for further calculation. What is the meaning of this sentence?

Reply
Follow
Share

2 Replies

Sujana (92 Points)
Replied 01 June 2023

URGENT URGENT URGENT

1)ERV highest of 2

FRV MRV

2)AERV least of 2

ERV SRV

3)ARV

Rent received + outstanding rent - un realised rent

4)Highest of AERV ARV selected And

5)Adjusted ARV is ARV - Vacancy loss

Doubt:- *****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And

2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ARV

3)Or else Only after Adjustment of vacancy loss we will have gave

4)Is this proforma right?

Upgrade to CAclubindia Pro. Subscribe Now!

Sujana (92 Points)
Replied 05 June 2023

Originally posted by : Sujana
	URGENT URGENT URGENT 1)ERV highest of 2 FRV MRV 2)AERV least of 2 ERV SRV 3)ARV Rent received + outstanding rent - un realised rent 4)Highest of AERV ARV selected And 5)Adjusted ARV is ARV - Vacancy loss Doubt:- *****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And 2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ARV 3)Or else Only after Adjustment of vacancy loss we will have gave 4)Is this proforma right?