How is the Annual Value of a partly let out and self occupied property calculated?
If the property is partly self occupied then the annual value of the portion that is self-occupied will be taken as nil. The working of annual value in such cases is given below: If the property is let out in part during the previous year: The annual value of the entire property will be first taken as if it is let out. The annual value of the self occupied portion will be deducted for the full year. Further for the let out portion, the proportionate annual value for the period during which the part was self-occupied will be deducted. The balance will be the taxable annual value. If the property is let out during any part of the previous year The annual value will be determined as if the property has been let out. Out of it, the proportionate value for the period for which it is self- occupied will be excluded and the balance will be the taxable annual value. Municipal taxes are to be deducted from the annual value in the following cases i) The property must be in the occupation of the
