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Gross Annual Value - (Sec. 23)

Income Tax - House Property Income - 03 - SEC - 23: GROSS ANNUAL VALUE Section - 23(1)(a) i.e. Annual Letting Value (ALV) GAV = ALV u/s 23(1)(a) i.e. Higher of MV or fair Rent ≤ Standard Rent Section - 23(1)(b) i.e. Let out property whether with or without vacancy If ARRR (Actual Rent Received / Receivable) excluding UR (Unrealized Rent) > ALV u/s 23(1)(a) Then GAV = Such ARRR u/s 23(1)(b), otherwise, GAV = ALV u/s 23(1)(a) Section - 23(1)(c) i.e. Let out with vacancy If the property is le .....

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