Deductions from gross rent
26. (1) The aggregate amount of deductions for the purposes of section 24 shall be the following:-
(a) the amount of taxes levied by a local authority in respect of the property if the amount is actually paid during the financial year;
(b) the amount of tax on services paid to the Central Government in respect of rent, if the amount is actually paid during the financial year;
(c) a sum equal to twenty per cent. of the gross rent determined under section 25, towards repair and maintenance of the property;
(d) the amount of any interest,-
(i) on capital borrowed for the purposes of acquiring, constructing, repairing, renewing or reconstructing the property, or
(ii) on capital borrowed for the purpose of repayment of the capital referred to in sub-clause (i).
(2) The aggregate amount of deduction referred to in sub-section (1) shall be nil in respect of the property referred to in sub-section (4) of section 25.
