2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14863 Points)
Replied 04 December 2022
Annual Value is defined under section 23 of the income tax Act , please refer.
Sammidi Mangamma
(39 Points)
Replied 05 December 2022
A) expected rent (least of fair rent and municipal value and highest of standard rent)
b) actual rent
gross annual value (a-b)
(-) municipal tax paid by owner during the year
= net annual value
b) actual rent
gross annual value (a-b)
(-) municipal tax paid by owner during the year
= net annual value
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