CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(c) thirty thousand dollars, where the repairs, alterations or
improvements were made after 31st December 1972 but not later
than 31st December 1973;
(d) forty thousand dollars, where the repairs, alterations or
improvements were made after 31st December 1973 but not later
than 31st December 1975;
(e) sixty thousand dollars where the repairs, alterations or
improvements were made after 31st December 1975 but not later
than 31st December 1976;
(f) eighty thousand dollars where the repairs, alterations and
improvements were made after 31st December 1976 but not later
than 31st December 1979; or Act No.46 of 1977
(g) two hundred and fifty thousand dollars where the repairs,
alterations or improvements were made after 31st December 1979. Act No.19 of 1980
(4) Subsection (3) does not apply where the Minister has, before the
repairs, alterations or improvements are made authorised the making
thereof. Act No.14 of 1976
(5) The Minister of Finance may from time to time by Order amend - Act No.14 of 1976
(a) section 42(5) and subsection (1), by specifying the cost of
construction of newly constructed houses in respect of which
exemptions under section 42(2) would apply and the date after
which construction of the house should commence; and
(b) subsection (3), by specifying the cost of construction of a house
built after a specified date, and of repairs, alterations or
improvements made thereto, in respect of which exemption under
section 42(2) would cease to apply.
44. (1) Nothing in section 42 creates any exemption from liability to income
tax in respect of income derived from the exercise of the trade or
profession of a builder; and if a question arises under that section as to
whether any amount ought properly to be regarded as profit derived from a
transaction of sale or as being wholly or in part attributable to the exercise
of the trade or profession of a builder, the question shall be determined by
the Board.
Builder excluded from tax exemptions
(2) A person aggrieved by a determination under sub-section (1) may
appeal in the manner herein provided.
BIR Mac Edition 91/01 Page 73