Question
Arrange the following steps of computation of Income from House Property in Correct order :
A. Deductions under section 24 of Income Tax Act
B. Computations of Net Annual Value
C. Deduction of Municipal Taxes paid
D. Computation of Gross Annual Value
E. Computation of Expected Rent
Choose the correct answer from the options given below :
This question was previously asked in
CUET PG 2026 Agri-Business Management Question Paper (25-Mar-2026) (Shift 2)
The correct answer is
E, D, C, B, A
Correct Order: House Property Income Computation
Follow these steps chronologically for calculating Income from House Property:
- E. Computation of Expected Rent: Determine the potential rent based on fair market value.
- D. Computation of Gross Annual Value (GAV): Select the higher value between Expected Rent and Actual Rent Received/Receivable.
- C. Deduction of Municipal Taxes Paid: Subtract municipal taxes paid by the owner from GAV.
- B. Computations of Net Annual Value (NAV): The result after deducting municipal taxes is the NAV.
- A. Deductions under Section 24: Apply deductions like interest on loan and standard deduction to NAV.
The sequence is E > D > C > B > A.
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