Substitution of new section for section 80EE - Deduction in respect of interest on loan taken for residential house property.

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..... pect of interest on loan taken for residential house property. 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 property. (2) The deduction under sub-section (1) sh .....

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..... ion is allowed for any interest referred to in sub-section (1), deduction shall not be allowed in respect of such interest under any other provision of this 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, or any bank or banking institution referred .....

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..... 1st day of April, 2014 and ending on the 31st day of March, 2016. It is proposed to substitute the said section so as to provide a deduction for those who buy residential house property for the first time, in respect of interest on loan taken from any financial institution upto fifty thousand rupees subject to other conditions specified therein. It is proposed to extend the benefit of deduction ti .....

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