Deduction for housing loan interest u/s 24 applies when property is acquired or constructed with borrowed capital.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Interest on housing loan u/s 24 - The use of the word "or" in between acquired and constructed makes it clear that the property can either be acquired or constructed with the borrowed capital and if the income is earned which is assessed under the head "Income from house property" - claim of deduction allowed - AT....