Banking · Income from House Property
The concept of 'Annual Value' is fundamental for computing income chargeable under the head 'Income from House Property'. What is the correct Gross Annual Value (GAV) of a Self-Occupied Property (SOP) under Section 23(2) of the Income Tax Act, 1961 for the Financial Year 2024-25?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1The Gross Annual Value (GAV) of a Self-Occupied Property is taken as Nil.✓
- 2Rent received, which is zero, but capped at the standard rent.
- 3Fair Rent or Municipal Value, whichever is higher, subject to standard deduction.
- 4Zero, because the property was not let out but subject to municipal taxes deduction.
Correct answer
The Gross Annual Value (GAV) of a Self-Occupied Property is taken as Nil.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Banking?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Income from House Property MCQs →Want more practice questions on Income from House Property?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Banking · Income from House Property