Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART III HEAD OF INCOME: INCOME FROM PROPERTY

From: 2023-07-01 - To: 2006-06-30 1[***] ________________________________________________________________ 1-Section 17 omitted vide the Finance Act, 2006 (III of 2006 assented on 30th June, 2006). At the time of substitution section (17) was as under:-- “17. Deductions in computing income chargeable under the head “Income from Property”.- (1) In computing the income of a person chargeable to tax under the head “Income from Property” for a tax year, a deduction shall be allowed for the following expenditures or allowances, namely:– (a) In respect of repairs to a building, an allowance equal to one-fifth of the rent chargeable to tax in respect of the building for the year, computed before any deduction allowed under this section; (b) any premium paid or payable by the person in the year to insure the building against the risk of damage or destruction; (c) any local rate, tax, charge, or cess in respect of the property or the rent from the property paid or payable by the person to any local authority or government in the year, not being any tax payable under this Ordinance; (d) any ground rent paid or payable by the person in the year in respect of the property; (e) any profit paid or payable by the person in the year on any money borrowed including by way of mortgage, to acquire, construct, renovate, extend, or reconstruct the property; (f) where the property has been acquired, constructed, renovated, extended, or reconstructed by the person with capital contributed by the House Building Finance Corporation or a scheduled bank under a scheme of investment in property on the basis of sharing the rent made by the Corporation or bank, the share in rent i[and share towards appreciation in the value of property (excluding the return of capital, if any) from the property] paid or payable by the person to the said Corporation or the bank in the year under that scheme; i. The words inserted vide the Finance Ordinance, 2002 (XXVII of 2002 promulgated on 15th June, 2002) ii[(fa) where the property is subject to mortgage or other capital charge, the amount of profit or interest paid on such mortgage or charge; ii. Clause (i) inserted vide the Finance Act, 2003 (I of 2003…