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Annual value, under the Income Tax Act, refers to the amount for which a property might reasonably be expected to be let from year to year. It forms the basis for computing income from house property under the head "Income from House Property" as per Section 22 of the Income Tax Act, 1961. The concept of annual value is crucial because the income tax liability on house property is calculated on this notional or actual rental value, depending on the circumstances. The annual value is determined differently for let-out and self-occupied properties. For a let-out property, the annual value is generally the higher of the actual rent received or receivable, the municipal value, or the fair rental value, reduced by certain allowable deductions such as municipal taxes actually paid by the owner. Municipal value is the value as ___ ______ __________ ________ ____ _______ _____ ____ _________ ____ ____ _______.
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