Annual value

Originally posted by : Nidhi Kumari
	deduction that are allowed from the annual value for computing income from house property

1-Muncipal Tax paid during the previous year 

2-and 30 % Standard Deduction under sec 24 

3- Interest on borrowed capital

In case of let out of HP following deductions are allowed:

1) 30% of annual value

2) actual interest paid

3) Municipal taxes paid

In case of self occupied house property, deduction to the extent of Rs 2 lac is allowed.