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Following are the information for a house property:Municipal value - Rs. 4,50,000Fair rental value - Rs. 5,00,000Standard rent - Rs. 4,80,000Actual rent - Rs. 4,20,000What is the gross annual value of the house property?1. Rs. 4,80,0002. Rs. 5,00,0003. Rs. 4,20,0004. Rs. 4,50,000

Answer» Correct Answer - Option 1 : Rs. 4,80,000
A) Fair Value = Rs. 5,00,000
B) Municipal Value = Rs. 4,50,000
C) Higher Of A and B = Rs. 5,00,000
D) Standard Rent = Rs. 4,80,000
E) Expected Rent (Lower Of C and D) = Rs. 4,80,000
F) Actual Rent = Rs. 4,20,000 
GROSS ANNUAL VALUE (Higher Of E and F) = Rs. 4,80,000


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