Property Details
Tax Calculation Results
Gross Annual Value:
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Municipal Tax Deduction:
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Net Annual Value:
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Standard Deduction (30%):
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Interest Deduction:
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Taxable Income from Property:
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Property Tax Calculation Guide
Under the Income Tax Act 1961, income from house property is calculated as follows:
- Gross Annual Value (GAV) is the higher of actual rent received or fair rental value
- Municipal taxes paid are deductible from GAV
- Standard deduction of 30% is allowed on Net Annual Value
- Interest on home loan is deductible under Section 24(b)
- For self-occupied property, only interest deduction is available