Deduction of interest on loan taken for house property.

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..... tion, repair or renovation of a house property in the financial year in which such property is acquired or constructed or any subsequent financial year, subject to the conditions specified in sub-section (2). (2) The deduction referred to in sub-section (1) shall be allowed if— (a) the house property is owned by the person and not let out during the financial year; (b) the acquisition or construct .....

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