section 24

Deductions from income from house property. U/s 24

24. Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely:—

  (a)   a sum equal to thirty per cent of the annual value;

  (b)   where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital.

section 24 of which act