This is the term used in the Income tax Act for computation of income from house property. It is the amount which can be yielded from the property in a year as income, as rent, service charges, etc. This is the starting point for computation of ‘income from house property’. This base value is used to make relevant additions/subtractions and then to compute the ‘income from house property’. The annual value of the property is actually the gross annual value (GAV) stated in the above example.