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TMI BlogAnnual value how determinedX X X X Extracts X X X X X X X X Extracts X X X X ..... l rent received or receivable by the owner in respect thereof is less than the sum referred to in clause ( a ), the amount so received or receivable : Provided that the taxes levied by any local authority in respect of the property shall be deducted (irrespective of the previous year in which the liability to pay such taxes was incurred by the owner according to the method of accounting regularly employed by him) in determining the annual value of the property of that previous year in which such taxes are actually paid by him. Explanation .- For the purposes of clause ( b ) or clause ( c ) of this sub-section, the amount of actual rent received or receivable by the owner shall not include, subject to such rules as may be made in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us year, the annual value of such property or part of the property, for the period up to 6 [ two years ] 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. ] ------------------------------ Notes :- 1. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, section 23, as amended by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967, Finance Act, 1968, w.e.f. 1-4-1969, Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, Finance Act, 1978, w.e.f. 1-4-1979, Finance Act, 1982, w.e.f. 1-4-1983, Taxation Laws (Amen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annual value as so determined does not exceed six hundred rupees, the amount of such annual value; (ii) in respect of any residential unit whose annual value as so determined exceeds six hundred rupees, an amount of six hundred rupees; (b) in the case of a building comprising one or more residential units, the erection of which is begun after the 1st day of April, 1961, and completed after the 31st day of March, 1970, but before the 1st day of April, 1978, for a period of five years from the date of completion of the building, be reduced by a sum equal to the aggregate of- (i) in respect of any residential unit whose annual value as so determined does not exceed one thousand two hundred rupees, the amount of such annual value; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t means- (a) in a case where the property is let throughout the previous year, the actual rent received or receivable by the owner in respect of such year; and (b) in any other case, the amount which bears the same proportion to the amount of the actual rent received or receivable by the owner for the period for which the property is let, as the period of twelve months bears to such period. Explanation 2.- For the removal of doubts, it is hereby declared that where a deduction in respect of any taxes referred to in the first proviso to this sub-section is allowed in determining the annual value of the property in respect of any previous year (being a previous year relevant to the assessment year commencing on the 1st day of April ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) more than one house in the occupation of the owner for the purposes of his own residence, the provisions of clause (a) shall apply only in respect of one of such houses, which the assessee may, at his option, specify in this behalf; (c) more than one house and such houses are in the occupation of the owner for the purposes of his own residence, the annual value of the house or houses, other than the house in respect of which the assessee has exercised an option under clause (b), shall be determined under sub-section (1) as if such house or houses had been let. Explanation .-Where any such residential unit as is referred to in the second proviso to sub-section (1) is in the occupation of the owner for the purposes of his own resid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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