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        Income Tax

        Example: 1)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: 6,000. What is the Gross Annual value?

        17 August, 2015

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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 = 60,000

        GAV u/s 23(1)(a) = 62,000

        Gross Annual Value rule: ALV equals the higher of municipal value or fair rent but capped at standard rent. Annual Letting Value (ALV) is the higher of municipal value and fair rent but capped at the standard rent; with municipal value 60,000, fair rent 68,000 and standard rent 62,000 the ALV (and Gross Annual Value under the cited clause) is 62,000. Annual rent received excluding unrealised rent is 60,000, which is recorded separately from the statutory ALV used to determine Gross Annual Value.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Gross Annual Value rule: ALV equals the higher of municipal value or fair rent but capped at standard rent.

                              Annual Letting Value (ALV) is the higher of municipal value and fair rent but capped at the standard rent; with municipal value 60,000, fair rent 68,000 and standard rent 62,000 the ALV (and Gross Annual Value under the cited clause) is 62,000. Annual rent received excluding unrealised rent is 60,000, which is recorded separately from the statutory ALV used to determine Gross Annual Value.


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