What is meant by annual value of house property? How is it determined for a house which is self- occupied for a part of the year and is also let out for another part of the previous year by the assessee?
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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. Even if the property is not let out, the notional rent or deemed rent receivable is taxable.
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The annual value of house property means the yearly rent you could get if the house was rented out. To calculate the annual value of house property, you will have to multiply the tentative monthly rent by 12 to get the annual value. For example, if the tentative monthly rent is Rs 5,000, then property annual value.
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