21. Exemption from income tax of profits from the construction and first sale of certain houses

Where any person who carries on an undertaking for the construction and sale of houses or flats, being an undertaking approved by the Commissioner for National

Housing having regard to the housing policy of the

Government sells any house or flat, the floor area of which does not exceed two thousand square feet and the construction of which was commenced by such person on or after January 1, 1977, such sale being the first sale of that house or flat, seventy-five per centum of the profits and income arising from such sale shall be exempt from income tax.