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

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....bsp;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 o....

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....institution during the period beginning on the 1st day of April, 2013 and ending on the 31st day of March, 2014;                (ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed twenty-five lakh rupees;            &nbs....

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....eans a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies including any bank or banking institution referred to in section 51 of that Act or a housing finance company;                (b) "housing finance company" means a public company formed or registered in India with the main object of carrying ....

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.... (1) shall not exceed one lakh rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on 1st day of April, 2014 and in a case where the interest payable for the previous year relevant to the said assessment year is less than one lakh rupees, the balance amount shall be allowed in the assessment year beginning on 1st day of April, 2015. &nbs....