How do you calculate the annual value of a property that is rented out for entire year?

​Here are the steps for calculating Net Annual Value (NAV) for income from house property:

Determine the Gross Annual Value (GAV) of the property:
The GAV is the higher of:

- The expected rent or
- The actual rent received/receivable for the property.

Where, "Expected rent" is the rent charged for similar properties in the same or nearby locality (Fair Rent). This can be done by looking up property listings or consulting a real estate agent. Once an estimated rent is obtained, it should be adjusted for factors such as amenities, location, and condition of the property.
(If the property is self-occupied or not let out for the entire year, the GAV is zero.)

Calculate the Municipal Taxes paid during the year:
This includes property tax paid to the local municipality or government.

Calculate the Net Annual Value (NAV) of the property:
NAV = GAV (-) Municipal Taxes paid.