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of <h1>Gross Annual Value of House Property Set at Rs. 64,000 u/s 23(1)(b) Based on Rent Received.</h1> The Gross Annual Value (GAV) of the house property is determined by comparing the municipal value, fair rent, and standard rent. According to Section 23(1)(a), the annual letting value is the higher of the municipal value or fair rent but not exceeding the standard rent, which is 62,000. The annual rent received or receivable excluding unrealized rent is 64,000. Thus, under Section 23(1)(b), the Gross Annual Value is calculated as 64,000.
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