Deductions from income from house property

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..... rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed 2[within 5[five years] from the end of the financial year in which capital was borrowed], the amount of deduction 7[or, as the case may be, the aggregate of the amounts of deduction] under this clause shall not exceed 4[two lakh rupees]. Explanation.-Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital borrowed for the period prior to the previous year in which the property has been acquired or constructed, as reduced by any part thereof allowed as deduct .....

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..... 000, w.e.f. 1-4-2001, read as under: 24. Deductions from income from house property.-(1) Income chargeable under the head "Income from house property" shall, subject to the provisions of sub-section (2), be computed after making the following deductions, namely:- (i) in respect of repairs of, and collection of rent from, the property, a sum equal to one-fourth of the annual value; (ii) the amount of any premium paid to insure the property against risk of damage or destruction ; (iii) [***] (iv) where the property is subject to an annual charge (not being a charge created by the assessee voluntarily or a capital charge), the amount of such charge ; (v) where the property is subject to a ground rent, the amount of such ground .....

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..... from property let to a tenant which the assessee cannot realise. (2) No deduction shall be allowed under sub-section (1) in respect of property of the nature referred to in sub-clause (i) of clause (a) of sub-section (2), or sub-section (3) of section 23 : Provided that nothing in this sub-section shall apply to the allowance of a deduction under clause (vi) of sub-section (1) of an amount not exceeding thirty thousand rupees in respect of the property of the nature referred to in sub-clause (i) of clause (a) of sub-section (2) of section 23 or sub-section (3) of section 23 : Provided further that where the property is acquired or con­structed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or const .....

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