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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 .....

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23(1)(c) i.e. Let out with vacancy If the property is let BUT remains vacant for whole period of the PY or part of the PY and Owing to (i.e. by reason of) such vacancy ARRR excluding UR < ALV u/s 23(1)(a) Then GAV = Such ARRR u/s 23(1)(c). Otherwi .....

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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 whic .....

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ation of any other property of the assessee. Reasonable rent should have been taken to realise the rent or the A.O must be convinced that any such step would be of no use. Section 23(2):- Where the house is held by the owner for his own residence or .....

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