Question
A property has Gross Annual Value ₹2,40,000. Municipal
taxes paid ₹40,000. Standard deduction is 30%. What is the income from house property?Solution
Net Annual Value = GAV – Municipal Taxes = ₹2,40,000 – ₹40,000 = ₹2,00,000 Less: Standard Deduction (30%) = ₹60,000 Income = ₹2,00,000 – ₹60,000 = ₹1,40,000
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