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Archive for June, 2012

Income from House Property for CFP – 2

Posted by Prashant Shah on June 29, 2012

Components of GAV:

Municipal Valuation:

  • For collecting municipal taxes, local authorities make a periodical survey of all the building in their jurisdiction.
  • Such valuation may be taken as a strong evidence representing the earning capacity of building
  • In metro cities municipal authorities determine net rentable value after deducting 10% of gross rentable value on account of repairs and an allowance of service taxes
  • Therefore the net municipal valuation requires an adjustment for determining reasonable rent for income tax purpose

Fair Rent:

  • Fair rent of the property can be determined on the basis of a rent fetched by the similar property in the same or similar locality
  • Fair rent helps in arriving at reasonable expected return

Standard Rent:

  • Standard rent is the maximum rent which a person can legally recover from his tenant under a Rent Control Act.



Posted in CFP, House Property, Tax Planning | Leave a Comment »

Stamps with Coins, Collection-4

Posted by Prashant Shah on June 20, 2012


Posted in Collectibles, Numismatics India | Leave a Comment »