If you self-occupy the only property you own, then the annual value is considered nil. However, if you have multiple properties with the purpose of self-occupation, only one property is treated as self-occupied and its annual value can be considered nil. The assessment of the annual value of the other properties will be done as per the expected rent if the property was let out. This is how to calculate GAV income from house property if it’s self-occupied.
Assessment of GAV of House Property (Let-Out): Step I:(A): Calculate the Property’s Reasonable Expected Rent
It is the amount for which you can expect the property to be let out from year to year. It is higher of the fair rent or the municipal valuation of the property, but can’t exceed the standard rent determined according to the Rent Control Act.
Reasonable Expected Rent = Higher of Fair Rent or Municipal Valuation, subject to Max. Standard Rent
Step II:(B): Find out the Actual Rent Receivable or Received
Step III:Gross Annual Value = Higher of (B) or (A)
This is how the GAV calculation house property is done.
Read more:
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How to calculate GAV income from house property?
Daman
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2022-03-02T12:38:37+00:00 2022-03-02T17:37:34+00:00Comment
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