Kiran chavhan (Navi peth ) (204 Points)
30 March 2020
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 30 March 2020
Please clarify your question, as stamp value of a property has no use while calculating income from house property.
We need stamp value of property only at the time of sale or purchase of property.
kiran b chavhan
(proprietorship)
(19 Points)
Replied 30 March 2020
Thank you sir for replying I need to know how Municipal value is taken while calculating income from house property
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 30 March 2020
What I understood from your question. you need to know the fair rent of a vacant house property so that notional rent could be included while calculating income from house property.
so fair rent is a rent which can be expected as rent in same locality. so you have to decide yourself as which figure should include in income from house property.
Moreover, Municipal value is a valuation which a municipal committee taken basis to calculate house tax only for the said property.
Hope, now you got a clear answer of your question.
kiran b chavhan
(proprietorship)
(19 Points)
Replied 30 March 2020
Is it mean that municipal value is irrelevant while calculating income from house property
And we shall consider fair rent only
Thank you sir
CAclubindia
