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<h1>Annual Value determination sets gross/net rent rules and municipal tax deduction for house property valuation.</h1> Annual value is the notional rent a property might reasonably fetch; compute Gross Annual Value (higher of expected rent-greater of municipal valuation and fair rent-and actual rent received/receivable), adjust for unrealised rent under prescribed conditions, then deduct municipal taxes actually borne and paid by the owner to arrive at Net Annual Value. Statute limits self-occupied nil treatment to specified houses and provides time-limited nil annual value for unsold stock-in-trade following completion certificate.