| A) Fair Rent | XXX |
| B) Municipal Value | XXX |
| C) Higher of A or B | XXX |
| D) Standard Rent | XXX |
| E) Expected Rent (Lower of C or D) | XXX |
| F) Actual Rent | XXX |
| G) Gross Annual Value (higher of E or F ) | XXX |
| H) Less: Municipal Tax | XXX |
| I) Annual Value (G – H) | XXX |
| J) Standard Deduction (30% of I) | XXX |
| K) Interest payable on borrowed capital | XXX |
| L) Income from House Property (I – J – K) | XXX |
Other Point
- In case if assessee have more than one house property then first separate income (or loss) for each house property is calculated and then it is combined to get Income/Loss under House Property head.
