Question

What do you understand by the term Annual Value of
House Property‟ ? How would you determine the annual
value of a house property which remained vacant for part of
the previous year ?​

Answer 1

Answer:

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 motional rent which could be got if the property were to be rented . it is the inherent capacity of the property to earn income .

Answer 2

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The annual value of a property is the sum for which a property is reasonably expected to be let from year to year. Hence, the annual value of a property is the amount of notional rent which could have been derived, had the property been let.

If the house property has remained vacant during any part of the year, the rental income not received by taxpayer due to such vacancy shall be deducted from amount calculated in Step II. So taxpayer will get Gross Annual Value of the property.

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