Compute Income from house property
Income chargeable to tax under the head “Income from house property” in the case of a let-out property is computed in the following manner:
| Particulars | Amount |
| Gross annual value | XXX |
| Less:- Municipal taxes paid during the year | XXX |
| Net Annual Value (NAV) | XXX |
| Less:- Deduction under section 24 | |
-Deduction under section 24(a)) at 30% of NAV
-Deduction under section 24(b)) on account of interest on borrowed capital |
(XXX)
(XXX) |
| Income from house property | XXX |
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