Deductions from income from house property. *

³⁰ 24.      (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:—

            ³¹ [(i)   in respect of ³² repairs of, and collection of rent from, the property, a sum equal to ³³[one-fourth] of the annual value;]

              ( ii)   the amount of any premium paid to insure the property against risk of damage or destruction ;

             ( iii)    ³⁴[***]

             ( iv)   where the property is subject to an ³² annual charge ³⁵[(not being a charge created by the assessee voluntarily³² or a capital charge ³²)], the amount of such charge ;

              ( v)   where the property is subject to a ground rent, the amount of such ground rent ;

             ( vi)   where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital.

                       ³⁶ [Explanation.—Where the property has been acquired or constructed with borrowed capital, the interest, if any, payable on such capital 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 a deduction under any other provision of this Act, shall be deducted under this clause in equal instalments for the said previous year and for each of the four immediately succeeding previous years;]

            ( vii)   any sums paid on account of ³⁷ land revenue ³⁸[or any other tax levied by the State Government] in respect of the property;

           (viii )    ³⁹[ Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]

             ( ix)   where the property is let and was vacant during a part of the year, that part of the annual value which is proportionate to the period during which the property is wholly unoccupied or, where the property is let out in parts, that portion of the annual value appropriate to any vacant part, which is proportionate to the period during which such part is wholly unoccupied ⁴⁰[***].

                       ⁴¹ [Explanation.—The deduction under this clause shall be made irrespective of whether the period during which the property or, as the case may be, part of the property was vacant precedes or follows the period during which it is let;]

              ( x)   subject to such rules ⁴² as may be made in this behalf, the amount in respect of rent from property let to a tenant which the assessee cannot realise.

⁴³ [(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 ⁴⁴[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 ⁴⁵[or sub-section (3) of section 23] :

⁴⁶ [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 construction is completed before the 1st day of April, ⁴⁷ [2003], the provisions of the first proviso shall have effect as if for the words "thirty thousand rupees", the words ⁴⁸ [one lakh rupees] had been substituted.]

(3) The total amount deductible under sub-section (1) in respect of property of the nature referred to in sub-clause (ii) of clause (a) of sub-section (2) of section 23 shall not exceed the annual value of the property as determined under that section.]

Deductions from income from house property.

24.   Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:—

              (a)    a sum equal to thirty per cent of the annual value;

              (b)    where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital:

Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction shall not exceed thirty thousand 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 before the 1st day of April, 2003, the amount of deduction under this clause shall not exceed one lakh fifty thousand rupees.