Gross annual value

The Gross Annual Value (GAV) the current value, the actual rent (whetherreceived or receivable) or the fair rental value, whichever is highest or which the property might beexpected to attract on the open market in ideal circumstances where there is neither aglut nor a shortage of accommodation. [http://www.du.ac.in/coursematerial/ba/tax/Lesson-6.pdf]

Details

Often, the following four factors are taken into conideration while determining the GAV of a property:
# The rent payable by the tenant (actual rent)
# The municipal valuation of the property
# The fair rental value (market value of a similar property in the same area)
# The standard rent payable under the Rent Control Act

Footnotes


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