can anybuddy tell me what is the right procedure to calculate gross anual value under house property?
should we campare standard rent with actual rent after deducting unrelised rent or before deducting unrelaised rent?
3 Replies
Vignesh Killur
(Articled Assistant)
(1671 Points)
Replied 06 February 2012
| COMPUTATION OF INCOME FROM HOUSE PROPERTY | |||
| Municipal Value | 110,000.00 | ||
| OR | |||
| Fair Rent | 135,000.00 | ||
| (Whichever is higher) | |||
| 135,000.00 | |||
| OR | |||
| Standard Rent | 125,000.00 | ||
| (Whichever is lower) | |||
| REASONABLE EXPECTED RENT OR (ERV) | 125,000.00 | ||
| OR | |||
| RENT RECD. AFTER DEDUCTING UNREALISED RENT | |||
| Actual Rent Recievable (12000 p.m) | 144,000.00 | ||
| Less: Unrealised Rent | 24,000.00 | 120,000.00 | |
| ( 2 months rent unrealised) | |||
| (WHICHEVER IS HIGHER) | 125,000.00 | ||
| LESS: Loss due to vacancy | 12,000.00 | ||
| INCOME FROM HOUSE PROPERTY | 113,000.00 | ||
Regit
(CA.Final)
(320 Points)
Replied 06 February 2012
Damn.. You are asking a doubt and the named it as TAX CHALLENGE?? Is this a challenge? Pity
sunil jain
(Student)
(91 Points)
Replied 07 February 2012
BUT GIRISH AHUJA SIR DO NOT FOLLOW THIS PROCEDURE
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