https://www.taxtmi.com/article/detailed?id=7172 Income from house property is taxable under the annual value concept, determined as the higher of expected rent or actual rent received where greater, with exclusions such as municipal tax recovered from tenant, notional interest on deposits and tenant carried repairs. Annual value is nil for a self occupied dwelling or a sole residential house when the owner resides elsewhere for employment or business. Net Annual Value is GAV less municipal taxes and permitted unrealized rent adjustments. Deductions under section 24 include a standard percentage deduction of NAV, prescribed deductions for interest on borrowed capital with special rules for acquisition/construction, and full interest deduction for let out property subject to spread of pre possession interest. en-us Mon, 02 Jan 2017 07:09:45 +0530 Mon, 02 Jan 2017 12:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7172 Income from house property is taxable under the annual value concept, determined as the higher of expected rent or actual rent received where greater, with exclusions such as municipal tax recovered from tenant, notional interest on deposits and tenant carried repairs. Annual value is nil for a self occupied dwelling or a sole residential house when the owner resides elsewhere for employment or business. Net Annual Value is GAV less municipal taxes and permitted unrealized rent adjustments. Deductions under section 24 include a standard percentage deduction of NAV, prescribed deductions for interest on borrowed capital with special rules for acquisition/construction, and full interest deduction for let out property subject to spread of pre possession interest. Articles Income Tax Mon, 02 Jan 2017 07:09:45 +0530 https://www.taxtmi.com/article/detailed?id=7172