GAV means Gross Annual Value

 

How to calculate Gross Annual Value

It is

Expected Rent

Or

Actual Rent

Whichever is higher

 

EXCEPTION

However if property was vacant and because of vacancy

Actual rent was less than Expected Rent

 then GAV  =  Actual Rent

Step 2 Calculate GAV - Income From House Property (IHP)

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CALCULATE GAV IN FOLLOWING CASES

 

Q1

     

Expected Rent

10000

pm

Actual Rent

12000

pm

Property was on rent through out the year

 

View

 

Q2

       

Expected Rent

10000

pm

 

Actual Rent

12000

pm for 11 months

Property was self occupied for one month and on Rent for 11 Months

View

 

Q3

     

Expected Rent

10000

pm

Actual Rent

12000

pm for 8 months

Property was self occupied for 4 month and Rented for 8 months

View

Q4

     

Expected Rent

10000

pm

Actual Rent

12000

pm for 8 months

Property was Vacant for 4 month

 

 

View

 

COMPUTATION FORMAT STEP 1 AND STEP 2 COMBINED

S.NO PARTICULARS AMT STEPS
A Municipal Value xx STEP 1
B Fair Rent xx
C Higher of Municipal Value or Fair Rent xx
D Standard Rent xx
E Expected Rent (Lower of C or D) xx
F Actual Rent xx STEP 2
G GAV  xx
(Normally Higher of Expected or Actual Rent)

 

 

 

Q5

     

Municipal Value

200000

P.A

Fair Rent

280000

P.A

Standard Rent

240000

P.A

Actual Rent

300000

P.A

(25000 PM*12)

 

 

Calculate GAV

 

 

View

Q6

     

Municipal Value

200000

P.A

Fair Rent

280000

P.A

Standard Rent

240000

P.A

Actual Rent

225000

P.A

(25000 PM*9,Bal 3 month vacant)

 

 

Calculate GAV

 

 

View

 

  1. Income Tax
  2. Income From House Property
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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 7 years. He provides courses for Mathematics and Science from Class 6 to 12. You can learn personally from here https://www.teachoo.com/premium/maths-and-science-classes/.
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