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Substitution of new section for section 80EE.

Section 38 - Acts - DIRECT TAXES - FINANCE ACT, 2016 - Section 38 - 38. For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:- Deduction in respect of interest on loan .....

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ny 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 .....

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od 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 rupees; (iii) the value of residential house p .....

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