Section 11 - Substitution of new section for sections 25A, 25AA and 25B. - Finance Act, 2016

Substitution of new section for sections 25A, 25AA and 25B. 11. For sections 25A, 25AA and 25B of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:- Special provision for arrears of rent and unrealised rent received subsequently. 25A. (1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenant, as the case may be, by an assessee shall be deemed to be the income from house property in respect of the financial year in which such rent is received or realised, and shall be included in the total income of the assessee under the head Income from house property , whether the assessee is the owner of the property or not in that financial year. (2) A sum equal to thirty per cent. of the arrears of rent or the unrealised rent referred to in sub-section (1) shall be allowed as deduction. .