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of <h1>Finance Bill 2017 Amends Section 23 of Income-tax Act: Property Held as Stock-in-Trade Valued Nil for One Year</h1> Clause 12 of the Finance Bill, 2017 amends section 23 of the Income-tax Act by introducing sub-section (5), effective from April 1, 2018. This provision states that if a property, consisting of a building and its adjoining land, is held as stock-in-trade and remains unlet for the entire or part of the previous year, the annual value of the property will be considered nil for up to one year from the financial year end when the completion certificate is obtained. This amendment applies to the assessment year 2018-2019 and subsequent years.
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