How do you calculate the annual value of a property that is deemed to be let out?

If you own more than 2 properties that are not rented out, then only 2 of them are allowed to be treated as "Self-occupied" and the other property or properties will be called "Deemed Let-out".

The Gross Annual Value (GAV) of Self-occupied properties is always NIL. In the case of Deemed Let-out property, the Expected Rent(ER) is considered Gross Annual Value (GAV).

Expected Rent is generally the Fair Rent or Standard Rent of the property.