Relief to builders for stock in trade For notional rental income :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 12 | Relief to builders for stock in trade For notional rental income |
23 (5) | Insertion | 1/4/2018 | In case of real estate developers or builders, Notional income on any unsold housing units held in stock in trade was taxable without having any income from it. In a step to provide relief to real estate developers or builder, exemption is provided to builders for the same if:- 1. Property or part of it is not let out during the whole or any part of the year, and 2. For a period of one year from the end of year in which completion certificate is received. |