Question

Define annual value. State the deductions that are allowed from the annual value for computing the income from

house proporty.​

Answer 1

Answer:

Downward is your answer.

Explanation:

Standard deduction: It allows the assessee a deduction of 30% of the 'Net Annual Value'. Gross Annual Value of a property is the value at which the property might reasonably be expected to be let from year to year. It is more like a notional rent which one could have earned in case property had been let out.

Hope it helps you.

Answer 2

Explanation:

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