Latest Answer: Income from self-occupied property, rented-out property and deemed income from vacant property (including houses), other than one self occupied house, is taxable under the head of Income from property. A taxpayer pays tax on the annual taxable value of the property which is calculated after adjusted for following 1) Gross annual value (GAV) of the property (rent received or receivable or deemed rent), 2) Less actual municipal taxes paid for the property, 3) Net annual value (NAV), 4) Less deductions available under section 24.
