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        Income Tax

        Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,000, Standard Rent: 63,000, Annual rent: 72,000, Property remains vacant for 5 months and loss due to vacancy: 30,000. 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 = 63,000

        ARRR excluding UR = 42,000

        GAV u/s 23(1)(c) = 42,000

        Gross Annual Value under Section 23 caps assessed value at standard rent; vacancy adjustment affects the GAV calculation. Gross Annual Value under Section 23 applies the higher of municipal value or fair rent but not exceeding standard rent (63,000) as the Actual Lettable Value; after excluding unrealised rent and adjusting for vacancy, the Annual Rent Receivable is 42,000, taken as the Gross Annual Value under the cited provision.
                        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 under Section 23 caps assessed value at standard rent; vacancy adjustment affects the GAV calculation.

                              Gross Annual Value under Section 23 applies the higher of municipal value or fair rent but not exceeding standard rent (63,000) as the Actual Lettable Value; after excluding unrealised rent and adjusting for vacancy, the Annual Rent Receivable is 42,000, taken as the Gross Annual Value under the cited provision.


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