Hello everyone,
In case of a let out House Property, if the Municipal Taxes are more than the Gross Annual Value (GAV), can the Net annual value be negative? And can the negative amount be set off against other heads of Income? I referred the Act and it was silent about this matter. The Act only says that the annual value of 1 self occupied property is "NIL".
Assume for example that the Rent Received is Rs 90,000 and Municipal taxes paid is Rs 100,000 (including arrears of Municipal Taxes) can the loss of Rs 10,000 be set off against other heads of income?
Thank You for your time.
CAclubindia
