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of <h1>Section 23 Amendment: Determining Property Annual Value Based on Expected or Actual Rent, with Deductions for Taxes.</h1> Section 23 of the Income-tax Act is replaced effective April 1, 2002, detailing the determination of a property's annual value. The annual value is the higher of the expected rental value or actual rent received, with deductions for local taxes paid. If a property is used by the owner for residence or cannot be occupied due to employment elsewhere, its annual value is considered nil, unless the property is let or benefits are derived. For multiple houses, the owner can choose one for the nil value provision, while others are assessed as if rented.
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