Annual value of 2 self-occupied properties will be treated as nil for taxation purpose
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As per the Budget memorandum, the government has proposed amendment to Sub-Section 2 of Section 23 of Income Tax Act, which relates to determination of annual value of house properties.
«Sub-section (2) of the said section provides that where house property is in the occupation of the owner for the purposes of his residence or owner cannot actually occupy it due to his employment, business or profession carried on at any other place, in such cases, the annual value of such house property shall be taken to be nil,» the document said.
Further, sub-section (4) provides that provisions of sub-section (2) will be applicable in respect of two house properties only, which are to be specified by the owner.
«With a view to simplifying the provisions, it is proposed to amend the sub-section (2) so as to provide that the annual value of the property consisting of a house or any part thereof shall be taken as nil, if the owner occupies it for his own residence or cannot actually occupy it due to any reason,» the Budget memorandum said.
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