Cap. 123 Art. 31EHousing Authority Schemes.

(1) Notwithstanding any other provision of the Income

Tax Acts except for article 31B, this article shall apply, in such manner as may be prescribed, where any person who is an owner of immovable property rents such property to another person for at least seven years under a scheme administered by the Housing Authority, and the said owner is registered with the Housing Authority for this purpose and complies with any conditions imposed by the Housing Authority.

(2) The tax chargeable in the circumstances mentioned in sub-article (1) shall be at the rate of 5% of the gross rental income received. Such tax shall be final and not be available as a credit against the tax liability of the said person or refundable to him in any way.