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Define
annual value
Replies (2)
Annual Value is defined under section 23 of the income tax Act , please refer.
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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