Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.

Annual Value:

In the context of income tax and the computation of income from house property, "annual value" refers to the notional rental income that an individual or entity can reasonably expect to earn from a property they own during a particular financial year. It is a key component in determining the taxable income from house property. The annual value is calculated based on various factors, including the property's location, type of property, and its actual or expected rent.

Deductions Allowed from Annual Value in Computing Income from House Property:

While the annual value represents the gross rental income that a property could generate, certain deductions are allowed under the Income Tax Act in many countries, including India, to arrive at the taxable income from __________ _____ _____ _________ _____ ______ _______ _______.
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