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The concept of annual value is fundamental in the computation of income from house property under the Income Tax Act. Annual value refers to the inherent capacity of a property to earn income and is not necessarily the actual rent received. It represents the notional income which the property is capable of generating if it were let out from year to year. The basis of charging income under the head “Income from House Property” is the ownership of the property and its potential to generate income, irrespective of the actual use by the owner. As per section 23 of the Income Tax Act, annual value is determined as the higher of the municipal value, fair rent, or actual rent received or receivable, subject to standard rules. In the case of a self-occupied property, the annual value _______ ___ ______ ______ _______ ___ __________ ____ ____ ______.
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