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X owns a house property in Pune, details relating to which are Municipal value 2,00,000 p.a., Fair rent 1,80,000 p.a., Standard rent 2,10,000 p.a. It is let out throughout the previous year (rent 10.000 p.m. up to 15/10/2018 and 12,000 p.m thereafter). The property is transferred by X to Y on February 28, 2019. However, Y failed to recover rent for March, 2019. Find gross annual value of the property in the hands of X and Y for the AY. 2019-20 Since the property being sold to Y on 28/02/2019 hence previous year period for X is 11 months and for Y is 1 month accordingly gross annual value shall be Steps Particulars Fair rent (FR) Municipal Value Higher of the above [A] (11 months) 1,65,000 1.83,333 1,83,333 Y (1 month) 15,000 16,667 16,667 f35 17.500 1.92,500 1.83,333 1st 16,667 Standard Rent (SR) [B] RER (Lower of A and B] [C] ARR- Unrealised Rent [D] Gross Annual Value [Higher of C and D] 2nd 1.19.000 NII 3rd 1,83,333 16.667 Calculation of Rent Receivable for 11 months 1 12,000 - 12.000 [(* 10.000 * 6.5 months) + 12,000 * 4.5 months)1 = 1.19.000 ILLUSTRATION 6 WHEN THERE IS UNREALISED RENT AS WELL AS VACANCY PERIOD Find out the gross annual value in respect of the following properties for the AY. 2019-20 in '000) H1 H2 H3 150 180 120 140 140 240 120 240 300 Particulars Gross Municipal value Fair rent Standard rent Actual rent if property is let out throughout the previous year 2018-19 Unrealised rent of the previous year 2018-19 Unrealised rent of the year prior to the previous year 2017-18 Period when the property remains vacant (in number of months) 180 300 150 25 40 20 30 50 60 3 1