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Income Tax Act, 1967.

Owner-occupied private residence.

11.—(1) Where an individual claims in the manner prescribed by this Act and proves that he is the owner of any property to which, but for this section, section 10 (2) would apply and that he occupies it exclusively for the purposes of his own residence, then—

(a) section 10 (2) shall not apply in relation to the property,

(b) the annual value of the property under Schedule A shall, subject to the provisions of this Part, be its rateable valuation for the time being, and

(c) if tax has been charged in respect of the relevant property otherwise than in accordance with this section, any tax overpaid shall be repaid.

(2) Property shall be deemed to be occupied exclusively for the purposes of his own residence by an individual referred to in subsection (1) where it is mainly occupied by him for such purposes and no part thereof is occupied for the purposes of a trade but a part thereof is occupied for the purposes of a profession.