Question
Define annual value of house property. How would you determine the annual
value of house property, which is self-occupied for a part of the year only and
let out for the remaining part?
Answer :
Word Count : 559
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Annual value of house property is the amount for which a property might reasonably be expected to be let from year to year. Under the Income-tax law, income from house property is generally computed on the basis of its annual value. The annual value represents the capacity of the property to earn rent rather than merely the rent actually received. The concept is important for determining taxable income under the head “Income from House Property.” For a let-out property, the annual value is generally determined with reference to the expected rent and actual rent received or receivable, subject to the provisions of the Income-tax Act. Expected rent is normally based on the reasonable rent that the property can fetch, considering factors such as municipal valuation, fair rent and standard rent where applicable. If the property is let out and the actual rent is higher than the expected rent, the actual rent may be taken into account for determining the gross annual value. Municipal taxes actually paid by the owner during the previous year
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