A property given by the owner to a tenant for some consideration is treated as a let-out property. Income chargeable to tax under the head "Income from house property" in the case of a let-out property is computed in the following manner:
|
Particulars |
Amount |
|
Gross annual value |
XXXX |
|
Less:- Municipal taxes paid during the year |
XXXX |
|
Net Annual Value (NAV) |
XXXX |
|
Less:- Deduction under section 24 |
|
|
➣Deduction under section 24(a)) at 30% of NAV ➣Deduction under section 24(b)) on account of interest on borrowed capital |
(XXXX) (XXXX) |
|
Income from house property |
XXXX |
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