8. Amendment of section 12 of the principal enactment

Section 12 of the principal enactment as amended by

Act, No. 37 of 2003, is hereby further amended by the repeal of subsection (1A) of that section and the substitution therefor of the following subsection :—

“(1A) There shall be exempt from income tax, the income accruing to the owner of any house from such house, where such house is constructed on or after April 1,

2003, for the year of assessment, in which the construction of such house was completed and for the four years of assessments immediately succeeding that year of assessment, if such house is used solely for residental purposes :

Provided that where the floor area of the house is one thousand and five hundred square feet or less the income accruing to the owner on or after April 1, 2005 shall be exempt from income tax for the year of assessment in which the construction of that house is completed and for the six years of assessment immediately succeeding that year of assessment.”.