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Determination of Annual Value Of House Property

 

The annual value of house property can be determined in following manner in different type of situations. These situations are :

A. Annual Value of Let out House Property

1. House property is let out for full year and there is no vacancy or unrealised rent ;

2. House property is let out and there is vacancy

(a) If rent actually received or receivable is more than ERV

(b) If rent actually received or receivable is less than ERV.

3. House property is let out and there is unrealised rent

(a) If rent actually received or receivable (after deducting unrealised rent as per conditions given) is more than ERV

(b) If rent actually received or receivable (after deducting unrealised rent as per conditions given) is less than ERV.

4. House Property is let out, there is vacancy also and there is unrealised rent.

5. House Property is let out for a part of the year because it is either purchased or constructed during the previous year.

B. Annual Value of Self-Occupied House Property

1. Only one house under own occupation.

2. More than one house under own occupation.

3. House property consists of various independent units and one is under own occupation and others are let out.

4. House property is partly let out and partly self under own occupation.

5. House property is used for own business or profession.

 
More Topics... @ 'House Property'
Definition & Meaning of the Head ‘ Income from House Property’
 Deemed Owner of House Property
Exempted Incomes From House Property [Section-10]
 Exempted Incomes from Cooperative Society
Annual Value as Calculation of Income from House Property
Determination Of Annual Value Of    House Property
Selection of Annual Rental Value (Gross Annual Value) for Let Out House Property
Deductibility of Taxes Levied by Local Authority (i.e. Municipal taxes) while computing Annual Value of House Property Income [Proviso to Section 23(1)]
Selection of Annual Rental Value for Self-Occupied House Property
DEDUCTIONS U/S - 24 Out of Net Annual Value (NAV) of House Property Income
Treatment of Pre-acquisition/Pre-construction period Interest
Treatment of Unrealised Rent of House Property Income
 
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