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Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000?
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Mr. Surya provides the following particulars for the assessment year 2...
MV= 60000
FR= 65000
SR= 59500
AR= 72000-6000= 66000
EXPECTED RENT shall be higher of municipal value or fair rent with respect to standard rent, and then higher of actual rent and expected rent Calc above.
GAV WILL BE 66000
FR= 65000
SR= 59500
AR= 72000-6000= 66000
EXPECTED RENT shall be higher of municipal value or fair rent with respect to standard rent, and then higher of actual rent and expected rent Calc above.
GAV WILL BE 66000
Community Answer
Mr. Surya provides the following particulars for the assessment year 2...
Gross Annual Value Calculation
The gross annual value of a property is an important aspect for the calculation of income tax in India. It is used to determine the taxable income from house property. In order to calculate the gross annual value, we need to consider various factors such as municipal value, fair rent, standard rent, actual rent, and loss due to vacancy.
Municipal Value: Municipal value refers to the value at which the property is assessed for municipal taxation purposes. In this case, the municipal value is given as 60,000.
Fair Rent: Fair rent is the rent at which the property can be expected to be let out from year to year. It is determined based on various factors such as location, amenities, and condition of the property. In this case, the fair rent is given as 65,000.
Standard Rent: Standard rent is the rent fixed under the Rent Control Act. It is the maximum rent that can be legally charged for a property. In this case, the standard rent is given as 59,500.
Actual Rent: Actual rent refers to the rent received or receivable from the property. In this case, the actual rent is given as 72,000.
Loss due to Vacancy: Loss due to vacancy refers to the loss incurred when the property remains vacant for a certain period of time. In this case, the loss due to vacancy is given as 6,000.
Calculation:
To calculate the gross annual value, we need to consider the highest of the following values: municipal value, fair rent, and standard rent.
In this case, the highest value is the fair rent, which is 65,000. Therefore, the gross annual value is 65,000.
However, since the actual rent is higher than the fair rent, the actual rent of 72,000 will be considered as the gross annual value for the assessment year 2015-16.
Conclusion:
The gross annual value for the assessment year 2015-16 is 72,000, which is determined based on the actual rent received from the property. This value will be used for the calculation of income tax from house property.
The gross annual value of a property is an important aspect for the calculation of income tax in India. It is used to determine the taxable income from house property. In order to calculate the gross annual value, we need to consider various factors such as municipal value, fair rent, standard rent, actual rent, and loss due to vacancy.
Municipal Value: Municipal value refers to the value at which the property is assessed for municipal taxation purposes. In this case, the municipal value is given as 60,000.
Fair Rent: Fair rent is the rent at which the property can be expected to be let out from year to year. It is determined based on various factors such as location, amenities, and condition of the property. In this case, the fair rent is given as 65,000.
Standard Rent: Standard rent is the rent fixed under the Rent Control Act. It is the maximum rent that can be legally charged for a property. In this case, the standard rent is given as 59,500.
Actual Rent: Actual rent refers to the rent received or receivable from the property. In this case, the actual rent is given as 72,000.
Loss due to Vacancy: Loss due to vacancy refers to the loss incurred when the property remains vacant for a certain period of time. In this case, the loss due to vacancy is given as 6,000.
Calculation:
To calculate the gross annual value, we need to consider the highest of the following values: municipal value, fair rent, and standard rent.
In this case, the highest value is the fair rent, which is 65,000. Therefore, the gross annual value is 65,000.
However, since the actual rent is higher than the fair rent, the actual rent of 72,000 will be considered as the gross annual value for the assessment year 2015-16.
Conclusion:
The gross annual value for the assessment year 2015-16 is 72,000, which is determined based on the actual rent received from the property. This value will be used for the calculation of income tax from house property.
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Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000?
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Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000?.
Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. Surya provides the following particulars for the assessment year 2015–16. Calculate gross annual value. Municipal value 60,000 Fair rent 65,000 Standard rent 59,500 Actual rent 72,000 Loss due to vacancy 6,000?.
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