PVS (Prashant V Shah)

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Archive for July, 2012

Income from House Property for CFP – 3

Posted by Prashant Shah on July 20, 2012

GAV when Vacancy Period and no Unrealized Rent:

Step 1 and 2 are same as we did earlier

GAV when Unrealized Rent and No Vacancy:

Unrealized rent shall be excluded from rent received if

Condition 1

The tenancy is bona fide

Condition 2

The defaulting tenant has vacated, or steps have been taken to compel him to vacate the property

Condition 3

The defaulting tenant is not in occupation of any other property of the assessee

Condition 4

The assessee has taken all reasonable steps for the recovery of the rent

Step 1 and 2 are same

Step 3

GAV = Higher of AR (AR for the year-Unrealized Rent) or 2

Illustration:

Ram has a house property whose Municipal Valuation is Rs.140000 whereas the fair rent of the house is Rs.160000 and Standard Rent is Rs.145000. Rakesh has paid municipal taxes of Rs.14000. Based on the above data, answer the following: If the annual rent of property is Rs.180000 and Unrealized Rent is Rs.60000, the GAV is_____________.

  1. 145000
  2. 180000
  3. 120000
  4. 131000

GAV When there is Vacancy Period and Unrealized Rent

 Step 1 and 2 are same

Step-3

GAV higher of AR (AR for the period of let out – unrealized rent) or 2

If AR is less than 2, 2 – loss for vacancy

Posted in CFP, House Property, Tax Planning | 3 Comments »

Coin Booking: 1000 Rupees Coin of 1000 Years Of Brihadeeswarar Temple

Posted by Prashant Shah on July 5, 2012

Following is the booking open at Mumbai mint

1000 Years Of Brihadeeswarar Temple.

It is really one of a kind issue, as for the first time there will be an issue of 1000 Rupees coin in India.

Click to book: http://www.mumbaimint.in/coinbooking.aspx

Image for reference:

Image of  UNC 5 rupee coin:

All of you must have seen the similar 5 rupee coins which are in circulation.

Posted in Numismatics India | 1 Comment »