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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Annual Value of Owner-Occupied Houses or Properties Deemed Nil Under Amended Income-tax Act Section 23(2)</h1> The Finance Act, 2025 amends section 23 of the Income-tax Act by substituting sub-section (2). Under the new provision, the annual value of a property consisting of a house or part thereof will be considered nil if the owner occupies it as a residence or is unable to occupy it for any reason. This amendment modifies how residential property is valued for income tax purposes when owner-occupied or when the owner cannot occupy it.
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