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 ..... Deduction in respect of interest on loan taken 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... residential house property does not exceed twenty-five lakh rupees; (iii) the value of the residential house property does 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-sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction in respect of interest on loan taken for residential house property. Sub-section (1) of the new section 80EE seeks to provide that 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 acquisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees; (iii) the value of the residential house property does not exceed forty lakh rupees; (iv) the assessee does not own any residential 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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