How to compute income from a property which is let out throughout the year?

Ans. Income chargeable to tax under the head "Income from house property" in the case of a let-out property is computed in the following manner:

Particulars	Amount
Gross annual value	XXXX
Less:- Municipal taxes paid during the year	XXXX
Net Annual Value (NAV)	XXXX
Less:- Deduction under section 24
➣Deduction under section 24(a)) at 30% of NAV ➣Deduction under section 24(b)) on account of interest on borrowed capital	(XXXX) (XXXX)
Income from house property	XXXX