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)
Any taxes levied by any local authority in respect of the house property is to be deducted from the gross annual value, if the following conditions are fulfilled:- a) Municipal taxes have been borne by the owner, and b) These have been actually paid during the previous year. Notes:- a)
Section 23 – Income from house property is taxable on the basis of annual value. Even if the property is not let out during the year or let out only for a part of the year, notional rent receivable is taxable as its annual value. Annual value of the house
National Pension Scheme (NPS) is launched with the objective of providing retirement income to the government employees on 01st January 2004. It is a government sponsored pension scheme initially launched for Government employee but from 01st May 2009 the scheme was opened for all the citizens of India. NPS aims