Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property

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..... nder the existing provisions of the Act, the amount of any interest payable on borrowed capital for acquiring, renewing or reconstructing a property is allowed as a deduction under the head Income from house property under section 24 of the Act. 2. Section 48 of the Act, inter alia, provides that the income chargeable under the head Capital gains shall be computed, by deducting the cost of .....

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..... insert a proviso after clause (ii) of the section 48 so as to provide that the cost of acquisition or the cost of improvement shall not include the amount of interest claimed under section 24 or Chapter VIA. 5. This amendment is proposed to take effect from the 1st day of April, 2024 and shall accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years. .....

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