annual value of not let out property

[anand menon]

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

AI Summary

Vacancy allowance: entitlement depends on proof of intention and availability to let; absent proof, annual value may be nil.
Vacancy allowance for house property depends on the assessee proving that the property was genuinely available for rent and that there was intent to let it out but tenants could not be found; absent such proof, no vacancy allowance is allowed and there is no income from the property if it remained vacant for the entire year.