Deduction in respect of interest on loan taken for certain house property
(1)
An assessee, being an individual not eligible to claim deduction under section 130, shall be allowed a deduction on interest payable on loan taken by him from any financial institution for the purpose of acquisition of a residential house property, subject to a maximum limit of one lakh and fifty thousand rupees 25 in a tax year and on fulfilment of conditions specified in sub-section (2), for the tax year beginning on the 1st April, 2019 and subsequent tax years.
(2)
The deduction under sub-section (1) shall be subject to the following conditions:— (a) the loan has been sanctioned by the financial institution during 30 the period beginning on the 1st April, 2019 and ending with the 31st March, 2022;
(b)
the stamp duty value of residential house property does not exceed forty-five lakh rupees; and (c) the assessee does not own any residential house property on the 35 date of sanction of loan.
(3)
Where a deduction under this section is allowed for 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 tax year.
(4)
In this section, “financial institution” shall have the meaning assigned to 40 it in section 130(5)(a).