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

1. 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.