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TMI BlogDeduction from income from house property - THE FINANCE (No. 2) BILL, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... Deduction from income from house property - THE FINANCE (No. 2) BILL, 2014 X X X X Extracts X X X X X X X X Extracts X X X X ..... ntained in section 24 of the Act provide that income chargeable under the head "Income from house property" shall be computed after making certain deductions. Clause (b) of the said section provides t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat where the property is acquired with borrowed capital, the amount of any interest payable on such capital shall be allowed as deduction in computing the income from house property. The second provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so to clause (b) of the said section, inter-alia, provides that in case of selfoccupied property where the acquisition or construction of the property is completed within three years from the end of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he financial year in which the capital is borrowed, the amount of deduction under that clause shall not exceed one lakh fifty thousand rupees. There has been appreciation in the value of house prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty and accordingly cost of finance has also gone up. Therefore, it is proposed to amend the second proviso to clause (b) of said section 24, so as to increase the limit of deduction on account of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest in respect of property referred to in sub-section (2) of section 23 to two lakh rupees. This amendment will take effect from 1st April, 2015 and will, accordingly, apply in relation to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2015-16 and subsequent assessment years.
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