TaxTMI 
TaxTMI 
Annual Value - Section 23
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....municipal valuation of property. It is something like notional rent which could have been derived, had the property been let. In determining the annual value there are four factors which are normally taken into consideration - * Actual rent received or receivable * Municipal Value * Fair rent of the property * Standard rent Following are the steps for computing annual value :- Step ....
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....et * BUT remains vacant for whole period of the PY or part of the PY and * Owing to (i.e. by reason of) such vacancy * ARRR excluding UR < ALV u/s 23(1)(a) * Then GAV = Such ARRR u/s 23(1)(c). Otherwise, GAV = ALV u/s 23(1)(a) minus loss due to vacancy where reason of such lesser amount of ARRR is other than vacancy also. Deduction for Municipal Taxes is subject to following two condition....
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....d Property - Annual Value Nil * Upto 31.03.2025 - Where the house is held by the owner for his own residence or cannot be occupied due to his employment and has to reside at some other place, then annual value of such house shall be taken to be NIL * W.e.f. 01.04.2025 - The annual value of the property consisting of a house or any part thereof shall be taken as nil, if the owner occupies ....
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.... 23(2) consist of more than One House the provision shall apply in respect of One House at the option of the assessee and the annual value shall be determined as per section 23(1). Section 23(5): - Properties Held as Stock-in-Trade * From 01.04.2020 - Section 23(5), inserted by the Finance Act, 2017 and amended by the Finance Act, 2019, Where the property consisting of any building o....