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How is the annual value of a self-occupied property computed?

April 26, 2017annual computed Property self-occupied value

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How is the annual value of a self-occupied property computed?

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Ans : The annual value of a house or part of a house shall be taken to be NIL if (i) it is in the occupation of the owner for the purposes of his own residence and (ii) it is not actually let during any part of the previous year and no other benefit therefrom is derived by the owner. Where two or more houses are in the occupation of the owner for the purposes of his own residence, then the annual value shall be taken to be Nil only in respect of any one house of his choice. The annual value of the remaining house/houses will be computed as if the said house/houses were let.