annual value

section 24(a) : 30% of net annual value.
section 24(b) : interest on loan taken for construction/acquisition,repairs etc.

section 24(a) : 30% of net annual value.
section 24(b) : interest on loan taken for construction/acquisition,repairs etc.

Are you talking about  let out  property  or self occupied ?.

For let  out 

Gross Annual value                                                                              ------

Less - 1)Municipal  tax  (paid and borne by owner )                                 ------

Net  Annual value 

Less-1) standard  Deductions under section 24 - @ 30% of net annual value          ------

        2)  Any interest  on borrowed fund .                                                 ------- 

You will get  Taxable income form  House property .                            -------

In case of self occupied:
Deduction u/s 24
(a) 30% of NAV
(b) Interest on loan taken for construction/acquisition,repairs .
before 1.4.1999 restricted to 20000.
after 1.4.1999 restricted to 200000.
In case of Let out:
Deduction u/s 24
(a) 30% of NAV.
(b) Interest on loan taken for construction r repairs.--- no limit--

before 1.4.1999 restricted to 30000