Section 38 - Amendment of section 88 - Finance (No. 2) Act, 1991

38. Amendment of section 88. In section 88 of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 1992, (a) after clause (xiv), the following clause shall be inserted, namely: (xiva) as subscription to any such deposit scheme of - (a) a public sector company which is engaged in providing long-term finance for construction or purchase of houses in India for residential purposes; or (b) any authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both, not being a scheme the interest on deposits whereunder qualifies for the purposes of computing the deduction under section 80L, as the Central Government may, by notification in the Official Gazette, specify in this behalf; ; (b) in clause (xv), (i) the words, figures and letters construction of which is completed after the 31st day of March, 1987, and the shall be omitted; (ii) sub-clause (B) shall be omitted.