Calculation of Gross Annual Value Calculation of Gross Annual Value
Sr. No Particulars ₹ Sr. No
1 Fair Rent 150000 1
2 Municipal Rent 180000 2
3 Standard Rent 170000 a
4 actual Rent 185000 3
5 Gross Annual Value 185000
b
4
5
n of Gross Annual Value
Particulars ₹
Fair Rent 150000
Municipal Rent 180000
Higher of AVOBE 180000
Satndard rent 170000
Expected Rent
Lower of a and 3 170000
Actual Rent 185000
Gross Annual Value
Higher of 4 and 5 185000
QUESTION 2
Computation og Gav for each house in case of Jigisha
House 1 House 2 House 3 House 4 House 5
Sr. No Paticulars (₹) (₹) (₹) (₹) (₹)
1 Municipal Value 80000 55000 65000 24000 80000
2 fair Rent 90000 60000 65000 25000 75000
3 Standard Rent 75000 58000 78000
4 Actual Rent 72000 72000 60000 30000 72000
Gros Annual Value 90000 72000 60000 30000 78000
QUESTION 3
Computation og Gav for each house in case of JAYSHREE
House 1 House 2 House 3 House 4 House 5
Sr. No Paticulars (₹) (₹) (₹) (₹) (₹)
1 Municipal Value 60000 55000 45000 34000 86000
2 fair Rent 70000 70000 45000 35000 79000
3 Standard Rent 65000 68000 88000
4 Actual Rent 52000 62000 70000 40000 82000
Gros Annual Value 70000 65000 70000 40000 86000
Calculation of Income from House Property
Sr. No Particulars ₹ ₹
1 Gross Annual Value
2 Less: Municipal Tax
3 Net Annual Value 0
4 Less: Deductions u/s 24
a. Standard Deduction @30% u/s 24(a) 0
b. Interest on borrowed capital u/s 24(b) 0
5 Taxable income from House Property 0
note: every time calculate in SD (NAV)
Calculation of Income from House Property
Sr. No Particulars ₹ ₹
1 Gross Annual Value 121000
2 Less: Municipal Tax 13000
3 Net Annual Value 108000
4 Less: Deductions u/s 24
a. Standard Deduction @30% u/s 24(a) 32400
b. Interest on borrowed capital u/s 24(b) 40000 72400
5 Taxable income from House Property 35600
Nore GAV
Sr. No Particulars ₹
1 Fair rent 110000
municipal Value 130000
Standard Rent 120000
Actual Rent 132000
GAV 132000
leSS: Unrealized rent 11000
Taxable GAV 121000
`
Calculation of Income from House Property FOR mr Sheety
House 1
Sr. No Particulars ₹ ₹
1 Gross Annual Value -18000
2 Less: Municipal Tax 20000
3 Net Annual Value -38000
4 Less: Deductions u/s 24
a. Standard Deduction @30% u/s 24(a) -11400
b. Interest on borrowed capital u/s 24(b) 40000 28600
5 Taxable income from House Property -66600
Nore GAV
Sr. No Particulars ₹
1 Fair rent 275000
municipal Value 200000
Standard Rent 250000
Actual Rent 0
GAV
leSS: Unrealized rent 18000
Taxable GAV -18000
`
Calculation of Income from House Property
House 1
Sr. No Particulars ₹
1 Gross Annual Value 250000
2 Less: Municipal Tax 26000
3 Net Annual Value
4 Less: Deductions u/s 24
a. Standard Deduction @30% u/s 24(a) 67200
b. Interest on borrowed capital u/s 24(b) 0
5 Taxable income from House Property
Nore GAV
Sr. No Particulars ₹
1 Fair rent 275000
municipal Value 200000
Standard Rent 250000
Actual Rent 0
GAV 250000
leSS: Unrealized rent 0
Taxable GAV 250000
`
House 2
Sr. No Particulars ₹
1 Gross Annual Value 670000
2 Less: Municipal Tax 4320
3 Net Annual Value
4 Less: Deductions u/s 24
a. Standard Deduction @30% u/s 24(a) 199704
b. Interest on borrowed capital u/s 24(b) 145000
5 Taxable income from House Property
Nore GAV
Sr. No Particulars ₹
1 Fair rent 675000
municipal Value 54000
Standard Rent 670000
Actual Rent 0
GAV 670000
leSS: Unrealized rent 0
Taxable GAV 670000
House 3
Sr. No Particulars ₹
1 Gross Annual Value 575000
2 Less: Municipal Tax 37100
3 Net Annual Value
4 Less: Deductions u/s 24
a. Standard Deduction @30% u/s 24(a) 161370
b. Interest on borrowed capital u/s 24(b) 375000
5 Taxable income from House Property
Nore GAV
Sr. No Particulars ₹
1 Fair rent 580000
municipal Value 530000
Standard Rent 575000
Actual Rent 0
GAV 575000
leSS: Unrealized rent 0
Taxable GAV 575000
Calclation of Income For House Property
Sr. No Particulars Default Tax Regieme
1 Income from House 1 (Self occupied) 0
2 Income from House 2 (Self occupied) 0
3 Income from House 3 (Deemed Letout) 1530
Income From House Property 1530
Conclusion :
1) House 3 is considered as deemed to be let out as the income is lowest
2) House 1 and 2 shall be considered as self occupied properties.
MU Notes :
1) The above calculations have been made assuming that all of the above properties are deemed to be let out
2) Under default tax regime, the income from House 1 & 2 sall be nil as they are self occupies
3) Under optional tax regieme , the income from House 1 shall be nil when self occupis because there is no int
4) Under the optional tax regieme, the income from House 2 shall be ₹(30000) because the limit of deduction
₹
224000
67200
156800
250000
665680
344704
320976
₹
537900
536370
1530
Optional Tac Regime
0
-30000
1530
-28470
properties are deemed to be let out
y are self occupies
self occupis because there is no interest on borrowings.
000) because the limit of deduction available when borrowed capital is used for repairs or renewals is ₹30000.