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Taxation

(Querist) 16 December 2013 This query is : Resolved 
I AM HAVING 4 RESIDENTIAL FLATS OUT OF WHICH ONE IS SELF OCCUPIED AND ANOTHER IS GIVEN RENTED THE REMAINING TWO RESIDENTIAL ARE VACANT WHETHER NOTIONAL VALUE OF VACANT FLATS TO BE ACERTAINED AND ADDED FOR TAXABLE INCOME FOR AY 2011-12 PL EXPLAIN
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Vineet (Expert) 17 December 2013
yes. The annual lettable value for two vacant flats is very much taxable. This value can be municipal lettable value or actual market value whichever is higher.
T. Kalaiselvan, Advocate (Expert) 17 December 2013
Yes the notional value of market rate of rent to be included in the taxable income.

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