1. INCOME FROM PROPERTIES

2. TYPE OF INCOME
Net Annual Value (NAV)
Rent Income
Occupiers Income

3. Net Annual Value (NAV) To calculate the NAV
conditions to be satisfied,
Place for Resident
When it's owner occupied on or someone else occupied on behalf of the owner

4. Computation of N A V Where the property is rated,
Rating assessment/Annual value xxx
Less:
Allowance of 25% for repairs (xxx)
Net annual value xxx

5. Points to be Noted
25% allowance for repair is deductible irrespective of actual expenses more or less.
If rating assessment may not adequate, CRIR is empowered decide based on value on rent which may reasonably expected to be pay by a tenant.
If it is used party for T,B,P or V, appropriate proportion have to be considered as NAV.

6. Exemptions for N A V (Sec 11)
One Place of Residence
House Constructed used solely for the residential purposes
If the House was Completed on or after April 01, 2008
If does not exceed 500 sq.ft. – completed year and further four years

7. Rent Income Computation of Rent Income Gross rent xxxx Less:
Rates borne by the owner (xxx)
xxxx
25% of allowance for repairs (xxx)
Net rent xxxx
Higher
NAV xxxx

8. Point to be Noted
25% of Repair Allowance is claimable if such expenses undertaken of to incur by owner , irrespective of actual cost.
Net rent income have to be compared with NAV or Adjusted NAV.
NAV have to be adjusted
Net rent is not for a period of 12 months
Certain months for which the property was vacant
Certain months for which rent could not be recovered

9. Exemptions for N A V (Sec 11)
House Constructed
used solely for the residential purposes
If the House was Completed on or after April 01, 2008
If does not exceed 500 sq.ft. – completed year and four years

10. Conversion into Residential Units
If Condition to be satisfied
No exemption granted for income tax
Converted in to two or more units
Each unit is assessed separately
Use for residential purpose
Exempt for Income Tax for
certain years

11. Exemption If floor area does not exceed 1000 sq.ft
Converted year and 5 succeeding years
If the floor area does not exceed sq.ft.
Converted year and 3succeeding years

12. The profit from furnished house
Rent received for letting xxxx 
Less:
Rental Value of the house (xxx)
Gross Income for furnishing xxxx
any relevant expenses
agent's commission (xxx)
upkeep of furniture (xxx)
Net profits from furnishing xxxx

13. Occupier's Income Net annual value xxx
Computation
Net annual value xxx
Less: Rent paid by the occupier xx
Occupier's income xxx
Occupier's income does not arise to Occupier
occupies on behalf of his owner or on behalf of owner
occupies in a house provided by an employer
occupies in a trade, business, profession or vocation