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House property
Direct Taxation
Here in this question , fair rent , municipal value , are to be given for each unit i.e. ground floor / first floor , so it is to be taken full for LOP ..but in solution , it is taken half of everything ..like 36k mv , 50 k fair rent ..why not full amount as it has mentioned the word each and in bracket ground floor/ first floor
Answers (4)
Since Mr. Naveen has utilised the HP for residential purpose the same shall be treated as SOP and GAV is taken as NIL. Whereas, Mr. Vikas has let out till 31.12.23 and later he has self occupied but the same is to be treated as LOP only. And as mentioned in the question, both have equal areas, therefore all the figures are halved for Mr. Vikas i.e. in the proportion of the areas.
Sagar Kathuria
Since Mr. Naveen has utilised the HP for residential purpose the same shall be treated as SOP and GAV is taken as NIL. Whereas, Mr. Vikas has let out till 31.12.23 and later he has self occupied but the same is to be treated as LOP only. And as mentioned in the question, both have equal areas, therefore all the figures are halved for Mr. Vikas i.e. in the proportion of the areas.
But i have a doubt as they said Naveen and vikas CONSTRUCTED THEIR HOUSES that means they both have separate houses properties from each other ..moreover municipal value , fair rent everything is given for each unit ( ground floor / first floor ) that means for groung floor 100000 fair rent and for first floor 100000 fair rent ..
Sagar Kathuria
Can u pls share the solution
Got the point .it is taken because the period from which he started using house property is 1-10 to 31-3 ..so from 6 months period , he is using the property for self occupation as well as let out ..therefore it is taken half of everything ..this is the concept when property is acquired or constructed in between the previous year
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