Question

explain gross annual value of the house​

Answer 1

Answer:

Gross annual value (GAV) refers to the income that can be earned from immovable property. GAV shall be applicable irrespective of whether the property is let-out or not for commercial or residential purposes.The gross annual value shall be higher of expected rent or rent received/receivable for the let out period.Annual Value of a home is the sum for which the property might reasonably be expected to be let out from year to year. So it is the notional rent which could be got if the property were to be rented. It is the inherent capacity of the property to earn income.