Section 5 - Amendment of section 23

Primary residence occupancy reduces taxable annual value where owner occupies or cannot occupy due to employment elsewhere.

Annual value for owner occupied residential property is nil where the house (or part) is not actually let and yields no other benefit; if the property is let for part of the year, the portion of annual value proportionate to owner occupation (or appropriate to the part occupied) is deducted irrespective of the sequence of occupation and letting. An assessee may opt to treat only one of multiple owner occupied houses as his residence; other such houses are assessed as if let. A sole residential house which cannot be occupied due to employment elsewhere is treated as nil annual value if not actually let and yielding no benefit.