What does "annual value of the house property" mean?

​Annual value of a house property is the notional rental income that a property is expected to generate in a year, as determined by the tax authorities. It is the potential income that the property would yield if it were rented out, irrespective of whether the property is actually rented out or not.

The annual value is calculated based on various factors, including the actual rent received or expected rent, municipal valuation of the property, and standard rent set by the government, among others. The annual value is used as the basis for calculating the income tax liability on the property.