What should be the annual value u/s 23 in the event of a property whch is vacant all throughout the current financial year but was let out in the previous financial year? In the case of a new bulding for which the owner could not find any tenants since its construction, can the annual value be taken to be nil.?
regards
anand
Determining Annual Property Value Under Section 23: Proving Intent to Rent for Vacancy Allowance Eligibility A discussion on a forum addresses the issue of determining the annual value of a property under Section 23 of the Income Tax Act when it remains vacant throughout the financial year. One participant suggests that if a property is vacant for the entire year, there is no income from it. Another participant adds that the property owner must prove the intent to rent the property and its availability to claim a vacancy allowance. If the owner fails to prove this, no vacancy allowance is granted. (AI Summary)
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