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

Answer: Option A

To determine the gross annual value (GAV) of a house property, we consider the following values: Municipal Value: Rs. 4,50,000
Fair Rental Value: Rs. 5,00,000
Standard Rent: Rs. 4,80,000
Actual Rent Received: Rs. 4,20,000

Step-by-Step Calculation: Step 1: Compare the Municipal Value and the Fair Rental Value and take the higher value.
Higher Value (Municipal vs. Fair Rental): Rs. 5,00,000

Step 2: Compare the value obtained in Step 1 with the Standard Rent and take the lower value.
Lower Value (Higher Value from Step 1 vs. Standard Rent): Rs. 4,80,000

Step 3: Compare the value obtained in Step 2 with the Actual Rent Received and take the higher value.
Higher Value (Lower Value from Step 2 vs. Actual Rent): Rs. 4,80,000

Therefore, the gross annual value of the house property is Rs. 4,80,000.