House Property Income Deductions: Comparing Clause 22 of Income Tax Bill, 2025 with Sections 24 and 25 of Income Tax Act, 1961.

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....ications to the existing provisions regarding deductions from income from house property through Clause 22, which aims to replace the current Sections 24 and 25 of the Income Tax Act, 1961. This analysis examines the key changes and their implications. 2. Structural Changes and Reorganization * The new Clause 22 presents a more organized and structured approach compared to the existing provisio....

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....borrowed capital * Additional requirement to specify interest on new loans * Clear documentation of loan refinancing 4.2 Time Limit for Construction * Extends the construction completion timeline to five years from the end of the tax year in which capital was borrowed * More precise language regarding the computation period 5. Treatment of Foreign Interest Payments * The Bill incorpora....