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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1983 amends Income-tax Act to allow interest deduction on borrowed capital for property acquisition.</h1> In the Finance Act, 1983, an amendment to section 24 of the Income-tax Act is introduced, effective April 1, 1984. The amendment adds an explanation to subsection (1), clause (vi), specifying that if a property is acquired or constructed using borrowed capital, the interest payable on that capital for the period before the previous year of acquisition or construction should be deducted. This deduction is to be made in equal installments over the previous year and the four subsequent years, after accounting for any part of the interest already deducted under other provisions of the Act.
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