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of <h1>Amendment to Section 24 of Income-tax Act: New Loan Definition, Interest Certificate Requirement for Property Acquisition/Construction</h1> Section 24 of the Income-tax Act is amended by the Finance Act, 2002, effective April 1, 2003. In clause (b), the phrase 'before the 1st day of April, 2003' is replaced with 'within three years from the end of the financial year in which capital was borrowed.' Additionally, a new proviso is added, requiring the assessee to furnish a certificate from the interest recipient specifying the interest amount payable for property acquisition or construction. The term 'new loan' is defined as any loan taken after the initial capital borrowed for repayment purposes.
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