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how to find gross annual value ?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Step1 :Find out reasonable expected rent of the property Step 2 : Find out rent actually received or receivable after excluding unrealized rent but before deducting loss due to vacancy. Step 3: Find out which one is higher – amount computed in step 1 or step 2. Step 4 : find out loss because of vacancy. Step 5 : step 3 minus step 4 is gross annual value. Reasonable expected rent – The higher of municipal value (MV) & fair rent (FR), subject to maximum of standard rent (SR) (i.e., rent as per the Rent Control Act), is reasonable expected rent Rent actually received or receivable- It shall be calculated as follows – Rent of the previous year (or that part of the previous year) For which the property is available for letting out XXXX

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**GROSS ANNUAL VALUE** Gross annual value will be calculated as follows – Step1 :Find out reasonable expected rent of the property Step 2 : Find out rent actually received or receivable after excluding unrealized rent but before deducting loss due to vacancy. Step 3: Find out which one is higher – amount computed in step 1 or step 2. Step 4 : find out loss because of vacancy. Step 5 : step 3 minus step 4 is gross annual value.  Reasonable expected rent – The higher of municipal value (MV) & fair rent (FR), subject to maximum of standard rent (SR) (i.e., rent as per the Rent Control Act), is reasonable expected rent  Rent actually received or receivable- It shall be calculated as follows – Rent of the previous year (or that part of the previous year) For which the property is available for letting out XXXX Less: Unrealized rent if a few conditions are satisfied XXXX Rent received/receivable before deducting lossdue to vacancy XXXX  Loss due to vacancy – It is separately deducted under step 4. Not be deducted under step 2 from actually received or receivable. Thanks

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Data?1494421730 answered

Dear Friend > Gross Annual Value if House property which is self occupied or could not be self occupied due to employment. then The G.A.V of the property will be NIL. More than one House Property Where Assessee has more than one house property, which are in occupation for his own residential purpose then he may exercise an option to treat anyone as self occupied. -- G.A.V of self occupied will be NIL. -- G.A.V of other will be HIGHER of Actual rent or Reasonable expected rent. Computation of Gross annual value sec 23 (1) 1. Step 1 - find out reasonable expected rent of the property 2. Step 2 - find out actual rent received or receivable after deducting unrealised rent but before deducting loss due to vacancy 3. Step 3 - find out which one is higher – among computed in step 1 and 2 4. Step 4 - find out loss because of vacancy 5. Step 5 - step 3 minus step 4 is gross annual value

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