India - Income Tax Act 2010 - Saarc

1.157 CH. IV - COMPUTATION OF TOTAL INCOME FROM HOUSE PROPERTY S. 24Explanation.—For the purposes of clause (b) or clause (c) of this sub-section, theamount of actual rent received or receivable by the owner shall not include,subject to such rules 37 as may be made in this behalf, the amount of rent whichthe owner cannot realise.(2) Where the property consists of a house or part of a house which—(a) is in the occupation of the owner for the purposes of his ownresidence; or(b) cannot actually be occupied by the owner by reason of the fact thatowing to his employment, business or profession carried on at anyother place, he has to reside at that other place in a building notbelonging to him,the annual value of such house or part of the house shall be taken to be nil.(3) The provisions of sub-section (2) shall not apply if—(a) the house or part of the house is actually let during the whole or anypart of the previous year; or(b) any other benefit therefrom is derived by the owner.(4) Where the property referred to in sub-section (2) consists of more than onehouse—(a) the provisions of that sub-section shall apply only in respect of one ofsuch houses, which the assessee may, at his option, specify in thisbehalf;(b) the annual value of the house or houses, other than the house inrespect of which the assessee has exercised an option under clause (a),shall be determined under sub-section (1) as if such house or houseshad been let.]38[Deductions from income from house property.24. Income chargeable under the head “Income from house property” shall becomputed 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, renewedor reconstructed with borrowed capital, the amount of anyinterest payable on such capital:37. See rule 4.38. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, section 24,as amended by the Finance Act, 1968, w.e.f. 1-4-1969, Finance (No. 2) Act, 1977, w.e.f.1-4-1977, Finance Act, 1983, w.e.f. 1-4-1984, Finance Act, 1986, w.e.f. 1-4-1987, Finance Act,1992, w.e.f. 1-4-1993, Finance Act, 1994, w.e.f. 1-4-1995, Finance (No. 2) Act, 1996, w.e.f.1-4-1997/w.r.e.f. 1-4-1995, Finance (No. 2) Act, 1998, w.e.f. 1-4-1999, Finance Act, 1999,w.e.f. 1-4-2000 and Finance Act, 2000, 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), becomputed after making the following deductions, namely:—(Contd. on p. 1.158)