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Chapter No. 03 - House Property - Gross Annual Value - (Sec. 23)
ALV u/s 23(1)(a) i.e. Higher of MV or FV but ≤ standard rent = 62,000
ARRR excluding UR = 64,000
GAV u/s 23(1)(b) = 64,000
Gross Annual Value rule for house property: higher of municipal or fair rent subject to standard rent cap. Determination of Gross Annual Value requires taking the higher of municipal value or fair rent as the annual lettable value, provided it does not exceed the standard rent; the Gross Annual Value is then the greater of this lettable value and the actual annual rent received excluding unrealised rent. of Press 'Enter' after typing page number.
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