Prevention of double deduction claimed on interest on borrowed capital for acquiring, renewing or reconstructing a property

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Full Text of the Document

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....existing provisions of the Act, the amount of any interest payable on borrowed capital for acquiring, renewing or reconstructing a property is allowed as a deduction under the head "Income from house property" under section 24 of the Act. 2. Section 48 of the Act, inter alia, provides that the income chargeable under the head "Capital gains" shall be computed, by deducting the....