Section – 23 - notional income for house
property held as stock-in-trade
It is proposed to provide that in
respect of unsold property held as stock in trade and not let out, the annual
value of the property for the period upto one year from the end of the
financial year in which completion certificate is received from competent
authority will be taken as Nil. Thereafter it will be assessable as income from property on the basis of its notional rent.
The amendment will be effective
from 1st April 2018.