Question: How to compute income from a property which is let out throughout the year?
Answer: 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 XXXX Less:- Municipal taxes paid during the year XXXX Net Annual Value (NAV) XXXX Less:- Deduction under section 24
➣Deduction under section 24(a)) at 30% of NAV (XXXX)
➣Deduction under section 24(b)) on account of interest on borrowed capital (XXXX)
Income from house property XXXX
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Question:
How to compute income from a property which is let out throughout the year? Answer:
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 XXXX Less:- Municipal taxes paid during the year XXXX Net Annual Value (NAV) XXXX Less:- Deduction under section 24
➣Deduction under section 24(a)) at 30% of NAV (XXXX)
➣Deduction under section 24(b)) on account of interest on borrowed capital (XXXX)