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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


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


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


3 Responses to “Income from House Property for CFP – 3”

  1. Manish said

    dear sir i m waiting for the answer of tht tvm challenge question

  2. rachna said

    Dear prashant. Can u pls guide as to what kind of questions r expected from profit n gains of b

    Business or profession.im using singhania book for my tax module on dec 24.thAnks for the help.

  3. Manish said

    Dear rachna if u want to know my opinion then i suggest u to concentrate more on salary,house property and most imp on capital gain as these are the sums which is very likely to come in the examz.regarding businees profession u just need to cover the imp topics like section 30 to 36,consequences of payments exceeding 20000 if payment is made by cash,special disallowances,amortization of preliminary expenses,presumed income of business of hiring trucks and provisions regarding how much maximum remuneration paid to partners will be allowed?if u cover all these topics it will be enough.

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