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TMI BlogInsertion of new section 80EE. - Deduction in respect of interest on loan taken for residential houseX X X X Extracts X X X X X X X X Extracts X X X X ..... en for residential house 80EE. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property. (2) The deduction under sub-section (1) shall not exceed one lakh rupees a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not exceed forty lakh rupees; (iv) the assessee does not own any residential house property on the date of sanction of the loan. (4) Where a deduction under this section is allowed for any interest referred to in sub-section (1), deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year. (5) For the purposes of this s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property. Sub-section (2) of the said section seeks to provide that the deduction under sub-section (1) shall not exceed one lakh rupees and shall be allowed in computing the total income of the individual for the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house property on the date of sanction of the loan. Sub-section (4) of the said section 80EE seeks to provide that where a deduction under this section is allowed for any interest referred to in sub-section (1), deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year. Sub-section (5) of the said section 80EE seeks ..... X X X X Extracts X X X X X X X X Extracts X X X X
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