Hello aspirant,

Annual Value Definition:

Annual Value or the Gross Annual Value is defined as the annual value of a property which is used in tax calculation or the property rent to be applied.

The Annual Value can be determined by using 4 factors which are listed below.

• Standard Rent
• Fair Rent
• Actual Eent received/receivable
• Municipal Value

U/S 23 means Tax Deduction on Home Loan Interest: Section 24. If the house owner is residing in the property then house owners can claim a deduction amount of upto Rs. 2 Lakhs on interest on home loan.

I hope this information will help you.

Best of Luck!!