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of <h1>Amendment to Income-tax Act Section 23: Property held as stock-in-trade valued nil if unrented for one year.</h1> In the Finance Act of 2017, an amendment to section 23 of the Income-tax Act was introduced, effective from April 1, 2018. This amendment added sub-section (5), which specifies that if a property, including any building or adjacent land held as stock-in-trade, is not rented out during any part of the previous year, its annual value will be considered nil for up to one year from the end of the financial year in which the construction completion certificate is obtained from the competent authority.
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