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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2017 amends Income-tax Act Section 23, exempting builders from notional rent tax for one year post-completion.</h1> The Finance Bill, 2017, proposes an amendment to section 23 of the Income-tax Act, introducing a new sub-section (5). This amendment allows builders or developers holding property as stock-in-trade to claim relief from taxation on notional rental income for up to one year from the completion date, provided the property is not let during the previous year. The annual value of such property will be considered nil for this period. This change is effective from April 1, 2018, applicable to the assessment year 2018-2019 and onwards.
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