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What is the meaning of municipal value of a building for tax valuation under head income from house property?

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What is the meaning of municipal value of a building for tax valuation under head income from house property?
posted Jun 20, 2017 by Purabi Sarkar

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Meaning of municipal value
When the local authorities determine the value of property by making survey of all the other properties in their jurisdiction. This valuation is municipal value which helps in charging municipal tax. This is the value which is assigned by local authorities to the property this is done for assessment for tax.

answer Jun 21, 2017 by Sagar Sharma
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