What is Annual Value? Explain the various deductions which are allowed from annual value u/s 24.

In the context of property taxation, "Annual Value" refers to the notional rental income that a property is deemed to generate over a year. This value is used as the basis for calculating the property tax liability of the owner. In India, the concept of Annual Value is primarily governed by the Income Tax Act, specifically Section 23. The Act considers this value as the potential income that the property could generate if it were rented out at the prevailing market rates.

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