How to Compute 'Income from House Property'?

1. Determine Gross Annual Value (GAV):
   1. For Let-out property: Rent received or Receivable.
   2. For Self-occupied: Nil.
   3. For vacant property: Expected Rent.
2. Municipal Tax Paid:   Include the actual amount paid to the local authority or government.
3. Calculate Net Annual Value (NAV):  Subtract Municipal taxes from GAV.
4. Standard Deduction:  Reduce 30% of NAV for all other general expenses.
5. Interest Expense:  Deduct interest on loans used for acquiring or constructing the property from NAV.

The final result after these deductions gives you your 'Income from House Property'.