TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
Join Channel
Note
Bookmark
Share
Don't have an account? Register Here
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 = 80,000
ARRR excluding UR = 54,000
GAV u/s 23(1)(a) = 62,000 (i.e. 80,000 – 18,000)
Gross Annual Value calculation: vacancy adjustment reduces taxable house property value under applicable law provision. Annual Lettable Value is the higher of Municipal Value or Fair Rent but capped by Standard Rent, fixed here at 80,000. Annual receipts excluding unrealised rent are 54,000. Deducting vacancy loss of 18,000 from the Annual Lettable Value produces a Gross Annual Value of 62,000 as the taxable base for house property income. of Press 'Enter' after typing page number.
TaxTMI 
