Amounts not deductible from income from house property.25.
Notwithstanding anything contained in section 24
, any interest
chargeable under this Act which is payable outside India
(not being interest on a loan issued for public subscription before the 1st day of April, 1938), on which tax
has not been paid or deducted under Chapter XVII-B and in respect of which there is no person
in India who may be treated as an agent under section 163
shall not be deducted in computing the income chargeable under the head "Income from house property".