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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 _____ ______ ______ ________ ____ _____ _______ ___ _______ _______ ______ ______.
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