Deduction in respect of interest on loan taken for residential house property.

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..... for the purpose of acquisition of a residential house property as per the provisions of this section. (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 tax year beginning on the 1st April, 2016 and subsequent tax years. (3) The deduction under sub-section (1) shall be subject to the followin .....

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..... anking Regulation Act, 1949 (10 of 1949) applies, or any bank or banking institution referred to in section 51 of that Act or a housing finance company; and (b) "housing finance company" means a public company formed or registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes. - .....

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