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Gross Annual Value - (Sec. 23)

Income Tax - House Property Income - 03 - SEC - 23: GROSS ANNUAL VALUE Section - 23(1)(a) Higher of following shall be the GAV: Higher of Municipal valuation and fair rental value shall be considered as Expected rent Actual Rent Received / Receivable Section - 23(1)(b) i.e. Let out property whether with or without vacancy: If ARRR (Actual Rent Received / Receivable) excluding UR (Unrealized Rent) > GAVu/s 23(1)(a) Then GAV = Such ARRR u/s 23(1)(b), otherwise, GAV = ALV u/s 23(1)(a) Section - .....

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be actually paid during the previous year. As per Explanation to Sec. 23(1) but subject to rules For the purpose of Sec. 23(1)(b) & 23(1)(c) Amount of Actual Rent Received / Receivable by the owner (ARRR) shall not include the amount of rent which the owner cannot realise i.e. Unrealised Rent Rule 4: Conditions for Unrealised Rent The tenant must be bonafide. The tenant should have vacated the property or reasonable steps should have been taken to evict him. The tenant should not be in occup .....

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