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        Income Tax

        Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,000, Standard Rent: 85,000, Annual rent: 72,000, Property remains vacant for 3 months and loss due to vacancy: 18,000. 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 = 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.
                        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 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.


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