Substitution of new section for section 80EE.

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..... 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) shall not exceed fifty thousand rupees .....

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..... 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 applies, or any bank or banking institution referred to in section 51 of th .....

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