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of <h1>Gross Annual Value of House Property Set at 42,000 Due to Vacancy Loss: Section 23(1)(c) Explained.</h1> The Gross Annual Value (GAV) of a house property is determined under Section 23 of the Income Tax Act. In this scenario, the municipal value is 60,000, fair rent is 65,000, standard rent is 63,000, and annual rent is 72,000. The property was vacant for five months, resulting in a vacancy loss of 30,000. The GAV is calculated as the higher of the municipal value or fair rent, but not exceeding the standard rent, which is 63,000. Adjusted for vacancy, the Actual Rent Received or Receivable (ARRR) is 42,000, making the GAV 42,000 under Section 23(1)(c).
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