India - Income Tax Act 2010 - Saarc

S. 24 I.T. ACT, 1961 1.158Provided that in respect of property referred to in sub-section (2) ofsection 23, the amount of deduction shall not exceed thirty thousandrupees :Provided further that where the property referred to in the firstproviso is acquired or constructed with capital borrowed on or afterthe 1st day of April, 1999 and such acquisition or construction is(Contd. from p. 1.157)(i) in respect of repairs of, and collection of rent from, the property, a sum equal to onefourthof the annual value;(ii) the amount of any premium paid to insure the property against risk of damage ordestruction ;(iii) [***](iv) where the property is subject to an annual charge (not being a charge created bythe 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 rent ;(vi) where the property has been acquired, constructed, repaired, renewed or reconstructedwith borrowed capital, the amount of any interest payable on such capital.Explanation.—Where the property has been acquired or constructed with borrowedcapital, the interest, if any, payable on such capital for the period prior to theprevious year in which the property has been acquired or constructed, as reducedby 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 yearand for each of the four immediately succeeding previous years;(vii) any sums paid on account of land revenue or any other tax levied by the StateGovernment in respect of the property;(viii) [***](ix) where the property is let and was vacant during a part of the year, that part of theannual value which is proportionate to the period during which the property iswholly unoccupied or, where the property is let out in parts, that portion of theannual value appropriate to any vacant part, which is proportionate to the periodduring which such part is wholly unoccupied.Explanation.—The deduction under this clause shall be made irrespective ofwhether the period during which the property or, as the case may be, part of theproperty was vacant precedes or follows the period during which it is let;(x) subject to such rules as may be made in this behalf, the amount in respect of rentfrom 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 naturereferred 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 underclause (vi) of sub-section (1) of an amount not exceeding thirty thousand rupees in respectof 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 borrowedon or after the 1st day of April, 1999 and such acquisition or construction iscompleted before the 1st day of April, 2003, the provisions of the first proviso shall haveeffect as if for the words “thirty thousand rupees”, the words “one lakh rupees” had beensubstituted.(3) The total amount deductible under sub-section (1) in respect of property of the naturereferred to in sub-clause (ii) of clause (a) of sub-section (2) of section 23 shall not exceedthe annual value of the property as determined under that section.’