The calculation of taxable income under the head "Income from House Property" for a let out property (i.e. property that has been rented out) is done as follows:
Particulars | Amount (in Rs.) |
|---|---|
Gross Annual Value (GAV) | XXX |
Less: Municipal taxes paid during the year | (XX) |
Net Annual Value (NAV) | XXX |
Less: Deduction u/s. 24 (a) Standard deduction @ 30% of NAV (b) Interest on Home Loan or Any other loan on property | (XX) (XX) |
Income from House Property | XXX |
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