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of <h1>New Finance Bill 2023: No Double Deductions on Interest for Property; Amendment to Section 48 Effective April 2024.</h1> The Union Budget 2023-24 and Finance Bill, 2023, address the issue of double deductions claimed on interest paid on borrowed capital for property-related purposes. Currently, interest on borrowed capital is deductible under 'Income from house property' per section 24 of the Act. Some taxpayers have been claiming this interest again under section 48 when calculating capital gains, treating it as part of the property's acquisition or improvement cost. To prevent this, a new proviso will be added to section 48, excluding interest claimed under section 24 or Chapter VIA from acquisition or improvement costs. This amendment will apply from April 1, 2024, for the 2024-25 assessment year onward.
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