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

Clause 37 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 37 - Substitution of new section for section 80EE. 37. For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, name .....

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, 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 tota .....

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d by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017; (ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh .....

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st 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 ba .....

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ed 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. . Clause 37 of the Bill seeks to substitute section 80EE of the Income-tax Act relat .....

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