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Following are the information for a house property:Municipal value - Rs. 4,50,000Fair rental value - Rs. 5,00,000Standard rent - Rs. 4,80,000Actual rent - Rs. 4,20,000What is the gross annual value of the house property?1. Rs. 4,80,0002. Rs. 5,00,0003. Rs. 4,20,0004. Rs. 4,50,000 |
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Answer» Correct Answer - Option 1 : Rs. 4,80,000 A) Fair Value = Rs. 5,00,000 B) Municipal Value = Rs. 4,50,000 C) Higher Of A and B = Rs. 5,00,000 D) Standard Rent = Rs. 4,80,000 E) Expected Rent (Lower Of C and D) = Rs. 4,80,000 F) Actual Rent = Rs. 4,20,000 GROSS ANNUAL VALUE (Higher Of E and F) = Rs. 4,80,000
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