Question

" Municipal value
1OO.OOO
Fair Rent
120.000
standand Rent
90.000
Actual Reut
132,000
Municipal Tax (10% of mv) paid by the owner​

Answer 1

Answer:

Hey!!!!

Explanation:

A) Actual rent received or receivable – This is the actual rent received/receivable by the owner of the house property on letting the house property.

B) Municipal value – This is the value as determined by the Municipal authorities for levying Municipal taxes on house property. Municipal authorities normally charge house tax/Municipal taxes on the basis of annual letting value of such house property.

C) Fair rent – Fair rent is the rent which a similar property can fetch in the same or similar locality, if it is let out for a year.

D) Standard rent – The standard rent is fixed under the Rent Control Act. If the standard rent has been fixed for any property under the Rent Control Act, the owner cannot be expected to get a rent higher than the standard rent fixed under the Rent Control Act.

E) Expected rent – Expected rent is the higher value among municipal value and fair rent subject to a maximum of Standard rent.