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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. of Press 'Enter' after typing page number.
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