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TMI BlogDeduction in respect of interest on loan taken for residential house property.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 property. (2) The deduction under sub-section (1) shall not exceed fifty thousand rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2017 and subsequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the same or any other assessment year. (5) For the purposes of this section,- (a) financial institution means a banking company to which the Banking Regulation Act, 1949 applies, or any bank or banking institution referred to in section 51 of that Act or a housing finance company; (b) housing finance company means a public company formed or registered in India with the main object o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-section (1) shall not exceed one lakh rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2014 and in a case where the interest payable for the previous year relevant to the said assessment year is less than one lakh rupees, the balance amount shall be allowed in the assessment year beginning on the 1st day of Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 section,- (a) financial institution means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies including any bank or banking institution referred to in section 51 of that Act or a h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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