How to compute income from a property which is let out throughout the year? - Tax India

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Friday, February 16, 2018

How to compute income from a property which is let out throughout the year?



 How to compute income from a property which is let out throughout the year?

​​​​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:

ParticularsAmount
Gross annual valueXXXX
Less:- Municipal taxes paid during the yearXXXX
Net Annual Value (NAV)XXXX
Less:- Deduction under section 24 
➣Deduction under section 24(a)) at 30% of NAV
➣Deduction under section 24(b​)) on account of interest on borrowed capital
(XXXX)

(XXXX)
Income from house propertyXXXX​

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