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The Income Tax Act divides the income received by an individual into various sections to simplify the tax calculation.
Income derived from a household property as rental income or through its transaction referred to as ‘income from the house property.
It should be an overhanging structure with occupancy capacity.
The building should be the most important part of the said property covering the land and the building.
Income from house property = Standard deduction (30% of NAV) – Interest on borrowed capital (if applicable).This is the annual value of property capable of earning income.
The term annual value is very important as the calculation of income from house property depends upon correctly calculated annual value
Gross periodic value (GAV) refers to the income that can be earned from the immovable property.
The GAV applies regardless of whether the property was released for commercial or residential purposes.
The Gross Annual Value (GAV) is used to calculate the tax or rent to be used on the property.
The total annual value should be higher than the expected rent or higher than the rent received for the lead-out period.
Author: RAJ YUVA
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