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of <h1>Calculate Taxable Income from Let-Out Property: Subtract Taxes, Apply Section 24 Deductions for Accurate Tax Calculation.</h1> Income from a let-out property, taxable under 'Income from house property,' is calculated by determining the gross annual value, from which municipal taxes paid during the year are subtracted to arrive at the Net Annual Value (NAV). Deductions under section 24 are then applied, including 30% of NAV and interest on borrowed capital. The resulting figure is the taxable income from the property.
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