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Clause - 012 - Amendment of section 23.
Clause 12 of the Bill seeks to amend section 23 of the Income-tax Act relating to annual value how determined.
It is proposed to insert a new sub-section (5) in the said section so as to provide that where the property consisting of any building and land appurtenant thereto is held as stockin- trade and the property or any part of the property is not let during the whole or any part of the previous year, the annual value of such property or part of the property, for the period up to one year from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority, shall be taken to be nil.
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years.
Relief from notional rental income: annual value treated nil for builder stock in trade unsold after one year post completion. The annual value of a building and land held as stock-in-trade by a builder or developer shall be taken as nil where the property or any part is not let, for the period up to one year from the end of the financial year in which the certificate of completion is obtained from the competent authority, thereby excluding notional rental income for that post-completion period.
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