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of <h1>Amendment to Section 23 of Income-tax Act changes tax rules for residential buildings completed after March 31, 1970.</h1> The amendment to Section 23 of the Income-tax Act, effective April 1, 1979, modifies provisions regarding the completion dates of residential buildings for tax purposes. It specifies that buildings completed after March 31, 1970, but before April 1, 1978, are subject to certain conditions. Additionally, for buildings completed after March 31, 1978, the annual value for tax purposes can be reduced for five years post-completion. This reduction equals the annual value for units valued at or below 2,400 rupees, and 2,400 rupees for those above, ensuring no residential unit results in a loss.
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