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Deduction in respect of interest on loan taken for certain house property

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Full Text of the Document

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....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) The deduction under sub-section (1) shall not exceed one lakh and fifty thousand rupees and shall be allowed in computing the total income of the individual for the assess....

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Full Text of the Document

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....rposes of this section,-- (a) the expression "financial institution" shall have the meaning assigned to it in clause (a) of sub-section (5) of section 80EE; (b) the expression "stamp duty value" means value adopted or assessed or assessable by any authority of the Central Government or a State Government for the purpose of payment of stamp duty in respect of an immovable property.]   &n....

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