{"act":{"id":"finance-act-2002","short_title":"The Finance Act, 2002","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2002-2003.","act_number":null,"act_year":2002,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":124,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2002/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 24","text":"Amendment of section 24. 12. In section 24 of the Income-tax Act, in clause (b), with effect from the 1st day of April, 2003,— (a ) in the second proviso, for the words, figures and letters \"before the 1st day of April, 2003\", the words \"within three years from the end of the financial year in which capital was borrowed\" shall be substituted; (b ) after the second proviso and the Explanation , the following shall be inserted, namely:— ‘ Provided also that no deduction shall be made under the second proviso unless the assessee furnishes a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property, or, conversion of the whole or any part of the capital borrowed which remains to be repaid as a new loan. Explanation.—For the purposes of this proviso, the expression \"new loan\" means the whole or any part of a loan taken by the assessee subsequent to capital borrowed, for the purpose of repayment of such capital.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 24.</b></p><p><b>12.</b> In section 24 of the Income-tax Act, in clause (<i>b</i>), with effect from the 1<sup>st</sup> day of April, 2003,—</p><p>(<i>a</i> ) in the second proviso, for the words, figures and letters \"before the 1st day of April, 2003\", the words \"within three years from the end of the financial year in which capital was borrowed\" shall be substituted;</p><p>(<i>b</i> ) after the second proviso and the <i>Explanation</i> , the following shall be inserted, namely:—</p><p>‘ <b>Provided also </b>that no deduction shall be made under the second proviso unless the assessee furnishes a certificate, from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property, or, conversion of the whole or any part of the capital borrowed which remains to be repaid as a new loan.</p><p><i>Explanation</i>.—For the purposes of this proviso, the expression \"new loan\" means the whole or any part of a loan taken by the assessee subsequent to capital borrowed, for the purpose of repayment of such capital.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":193,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2002/section/12/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}