Income Tax Act
(Chapter 134, Section 10(6A)(c)(ii))
Income Tax (Profits Not Arising from Property) Order
O 4A
G.N. No. S 240/1996

(15th June 1997)
[30th May 1996]
1.  This Order may be cited as the Income Tax (Profits not arising from Property) Order and shall have effect for the year of assessment 1997 and subsequent years of assessment.
Net annual value of residential property not to be deemed profits arising therefrom
2.  For the purposes of section 10(6A)(c) of the Act, in respect of any one property which is occupied for residential purposes by the owner thereof, the net annual value of such property or $150,000, whichever is the less, shall not be deemed to be profits arising from property.
[G.N. No. S 240/96]