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of <h1>Section 24: New Deductions for House Property Income, Interest on Loans, and Annual Value Explained</h1> Section 24 of the Income-tax Act has been replaced effective April 1, 2002, to outline deductions from income derived from house property. The deductions include 30% of the annual value and interest on borrowed capital used for acquiring, constructing, repairing, renewing, or reconstructing the property. For properties specified in section 23(2), the deduction is capped at thirty thousand rupees, but if acquired or constructed with capital borrowed between April 1, 1999, and April 1, 2003, the cap is one lakh fifty thousand rupees. Interest on borrowed capital prior to acquisition or construction is deductible over five years.
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