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of <h1>Amendment to Section 23: Annual Value of Self-Occupied Properties Set to Nil for Two Specified Homes from 2025.</h1> The Union Budget 2025-26 proposes an amendment to Section 23 of the Act regarding the annual value of self-occupied property. The amendment simplifies the determination of the annual value by stating that it shall be considered nil if the owner occupies the property for residence or cannot occupy it due to employment, business, or other reasons. This provision applies to two properties specified by the owner, as previously allowed. The amendment will take effect from April 1, 2025, applicable for the assessment year 2025-26 onwards.
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