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of <h1>Understanding Property Valuation: Section 23 of the Income-tax Act, 1961 and Its Impact on Taxable Income</h1> The Income-tax Act, 1961 defines 'annual value' of a property under section 23 as the reasonable expected rent or actual rent received, adjusted for vacancies and local taxes. If a property is owner-occupied or unoccupied due to employment elsewhere, its annual value is nil, unless let or benefits are derived. For properties with more than two houses, the owner can choose two for nil valuation, while others are assessed as if let. Properties held as stock-in-trade have a nil value for up to two years post-construction completion. Income from such properties is taxable under 'Income from house property' per section 22.
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