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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. of Press 'Enter' after typing page number.
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