Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 2,000. What is the Gross Annual value?
17 August, 2015
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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.
Note: It is a system-generated summary and is for quick reference only.