While computing income chargeable to tax under the head “Income from house property” in the case of a let-out property, what are the expenses to be deducted from gross annual value?

Understand Deductions for Taxable Income on Rental Property: Municipal Taxes, 30% Deduction, and Interest on Borrowed Capital

In calculating taxable income from a let-out property under 'Income from house property,' only specific deductions are allowed from the gross annual value. These include municipal taxes paid by the owner during the year, a deduction of 30% of the net annual value under section 24(a), and interest on capital borrowed for the property's purchase, construction, repair, renewal, or reconstruction under section 24(b). Municipal taxes that are due but unpaid or those paid by the tenant cannot be deducted.