Union Budget 2017 - 18 : No notional income for house property held as stock-in-trade..!
Section 23 of the Act provides for the manner of
determination of annual value of house property .
Considering the business exigencies in case of
real estate developers, it is proposed to amend the said section so as to
provide that where the house property consisting of any building & land
appurtenant thereto is held as stock-in-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 upto 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 assessment year 2018-19 and
subsequent years. [Clause 12]
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