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What are the deductions from the annual value?
No deduction is available from the net annual value of a self-occupied house property, since the net annual value of a self-occupied house property works out to be 'nil'. The only exception is in the case of interest payments on borrowed capital. Finance Bill 2001 seeks to replace section 24 (which deals with deductions from the net annual value of a house property) with a new section. Accordingly, only the following two deductions will be allowed from the net annual value (which is gross annual value less municipal taxes 'paid' and not 'accrued') to arrive at your taxable income under the head 'income from house property'.
Property Tax, Finance Bill, House Property