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of <h1>New Rules for Calculating Property Value in Income-tax Act's Section 23 Focus on Rental Income</h1> The amendment to Section 23 of the Income-tax Act, 1961, redefines how the annual value of a property is determined. It introduces a new method for calculating the annual value based on potential rental income or actual rent received if higher. For owner-occupied residences, it specifies that the annual value is calculated as if rented, then reduced by half or Rs. 1,800, whichever is less. This provision applies to one house only if multiple houses are owned. Additionally, if the calculated value exceeds 10% of the owner's total income, the excess is ignored. The amendment clarifies the treatment of multiple owner-occupied houses.
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