Tax Ruling: Loan Interest Deductions Clarified for Rental Income Properties; Section 24(b) Proviso Misinterpretation Addressed.

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....Revision u/s 263 - Claim of interest against rental income - Proof of availing loan for acquisition or construction of property - the proviso contained in section 24(b) is not applicable to assessee who borrows the capital for the purpose of earing income by letting out the property under the head “income from house property”. Therefore, the interpretation of third proviso to 24(b) in isolation is not proper - AT....