IGNOU ECO 11 2017 - Define annual value and state the deductions that are allowed from the

Question

Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.

14 Apr 2018

Answer :

Word Count : 360

In the context of income tax, "annual value" refers to the annual rental income that can be reasonably expected to be derived from a house property during a particular financial year. It is a key component in the calculation of income from house property under the Income Tax Act in many countries, including India.

To compute the income from house property, you typically follow these steps:

1. Determine Gross Annual Value (GAV): The GAV is the

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(i) Basic Pay	40,000
(ii) Dearness Pay	11,000
(iii) Dearness Allowance	13,000
(iv) Entertainment Allowance	2,800
(v) Hill Area Allowance	1,450
(vi) Tribal Area Allowance	750
(vii) Own contribution towards Statutory Provident Fund	12,500

Municipal Value (M.V.)	1,50,000
Fair Rent	1,80,000
Standard Rent	1,60,000
Municipal Tax paid by the owner	20% of M.V.
Unrealised Rent	40,000

(viii) Employer's contribution in Provident Fund excess of 12% of salary	12,500
ix) Interest credited to Provident Fund in whole year @ 13%	16,500
(x) House Rent Allowance of whole year	29,600