PVS (Prashant V Shah)

– Authorized Education Provider of FPSB Ltd. (CFP Coaching and Study Material)

  • Join 796 other followers

  • Contact for Coaching and Study Material

    Prashant V Shah
    Ahmedabad.

    Ph: 92274 08080

    Email: pvs.cfp@gmail.com

  • Content Under Updation

    Tax Planning and Estate Planning

  • Next Batch

    Weekend Batch: October 2020
    Saturday: 5 pm to 9 pm
    Sunday: 9 am to 1.30 pm
    Fees: Rs.60,000

    Weekday Batch: September 2020
    Monday to Friday: 3 pm to 6 pm
    Fees: Rs.60,000

    Duration: 8 months

    Legacy Program Coaching also Available.

  • Blog Stats

    • 751,344 hits
  • Link to FPSB India

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.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: