alleryStart learning →The basic annual value of a house is its reasonably expected:
AMarket sale price
BStamp duty value
COriginal build cost
DAnnual letting rent
Answer & Solution
Correct answer: D. Annual letting rent
Section 23(1)(a) starts from the sum for which the property might reasonably be expected to let from year to year.
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Related questions
Two co-owners share a let house equally; annual value Rs 4,00,000, no loan. Each one's incLet-out house: annual value Rs 2,00,000, interest Rs 80,000. Income?House let at Rs 1,50,000 a year against fair rent Rs 1,20,000, no taxes. Income?The 30 per cent deduction under section 24(a) is taken on:Section 24(b) interest applies to a house acquired, built, repaired, renewed or:Section 22 taxes a building together with its appurtenant:Deemed owner of house property is defined in section:Taxation of co-owned buildings with definite shares is under section: