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GAV and NAV Computation for Properties

The document details the computation of Gross Annual Value (GAV) for five houses owned by Jayashree, including municipal values, fair rents, expected rents, and actual rents received. It also outlines the computation of income from house property for NISH10 for the assessment year 2022-23, including deductions for municipal taxes and loan interest. Additionally, it provides a calculation for pre-construction period interest over several years.

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10 views9 pages

GAV and NAV Computation for Properties

The document details the computation of Gross Annual Value (GAV) for five houses owned by Jayashree, including municipal values, fair rents, expected rents, and actual rents received. It also outlines the computation of income from house property for NISH10 for the assessment year 2022-23, including deductions for municipal taxes and loan interest. Additionally, it provides a calculation for pre-construction period interest over several years.

Uploaded by

subhamgupta.p2426
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

computation of GAV of each house owned by Jayashree

SR. NO. particulars House 1 House 2 House 3 House 4 House 5


1 Municipal value 80000 55000 65000 24000 80000
2 Fair Rent 90000 60000 65000 25000 75000
3 Higher of 1 and 2 90000 60000 65000 25000 80000
4 Standerd Rent 75000 58000 78000
5 Expected Rent (Lower of 3 and 4) 90000 60000 58000 25000 78000
6 Actual Rent Received / Receivable 72000 72000 60000 30000 72000
7 GAV (Higher of 5 and 6) 90000 72000 60000 30000 78000
computation of GAV of each house owned by Jayashree
SR. NO. particulars House 1 House 2 House 3 House 4 House 5
1 Municipal value 120000 240000 110000 90000 75000
2 Fair Rent 150000 240000 114000 84000 80000
3 Higher of 1 and 2 150000 240000 114000 90000 80000
4 Standerd Rent 108000 140000 78000
5 Expected Rent (Lower of 3 and 4) 108000 240000 114000 90000 78000
6 Actual Rent Received / Receivable 180000 210000 120000 108000 72000
7 GAV (Higher of 5 and 6) 180000 240000 120000 108000 78000
Less: Municipal Taxes 12000 28800 16500 7200 9000
8 NAV 168000 211200 103500 100800 69000
Computation of Income frome House Property of NISH10 For A.Y. 2022-23
SR. NO. Particulars Amount
1 Municipal Value 130000
2 Fair Rent 110000
3 Higher of 1 and 2 130000
4 Standerd Rent 120000
5 Expected Rent (Lower of 3 and 4) 120000
6 Actual Rent Received / Receivable (WN 1) 121000
7 GAV (Higher of 5 and 6) 121000
Less: Municipal Taxes 13000
8 NAV 108000
Less: Deduction u/s 24
30% of NAV 32400
Interest on loan 40000
72400
9 Income Frome House Property 35600

Note
Actual Rent Received /receivable

Particulars Amount
Rent Received 121000
Add: Rent Receivable 11000
132000
Less: Unrealised Rent 11000
Actual Rent Received / Receivable 121000
Cal. For Pre construction period interest

P.Y Amount
2018-19 40000
2019-20 120000
2020-21 120000 280000 (Pre constr 56000 (Recover Next Five F.Y.)
2021-22 176000
2022-23 56000
2023-24 56000
2024-25 56000
2025-26 56000

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