Understanding 'Income from House Property': Fair Rental Value vs. Actual Rent u/ss 22 & 23.

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....Income assessable under the head ‘Income from House Property’ - The adoption of an enhanced rate does not breach the theory of real income inas- much as what the law envisages is the estimation of the annual value, defined as the fair rent that a house property is expected to fetch from year to year (sec. 23). It is only where the actual rent exceeds the fair rental value that the same is taken as annual value u/s. 22 - AT....