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Computation of Income under House Property
A) Fair Rent
XXXB) Municipal Value
XXXC) Higher of A or B
XXXD) Standard Rent
XXXE) Expected Rent (Lower of C or D)
XXXF) Actual Rent
XXXG) Gross Annual Value (higher of E or F )
XXXH) Less: Municipal Tax
XXXI) Annual Value (G – H)
XXXJ) Standard Deduction (30% of I)
XXXK) Interest payable on borrowed capital
XXXL) Income from House Property (I – J – K)
XXX
Other Point
In case if assessee have more than one house property then first separate income (or loss) for each house property is calculated and then it is combined to get Income/Loss under House Property head.