Section 23 of the Act
provides for the manner of determination of annual value of house property.
Considering the
business exigencies in case of real estate developers , it is proposed to amend
the said section so as to provide that where the house property consisting of
any building and land appurtenant thereto is held as stock-in-trade and the
property or any part of the property is not let during the whole or any part of
the previous year, the annual value of such property or part of the property,
for the period upto one year from the end of the financial year in which the
certificate of completion of construction of the property is obtained from the
competent authority, shall be taken to be nil.
New subsection (5)
under section 23 is proposed to be inserted.
The amendment will be
effective from the previous year 2017-18 and subsequent years.
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