Insertion of new section 80EE

In force As on 07 Oct 2026

Ministry Finance

Section 15 of the Finance Act, 2013 deals with insertion of new section 80EE. Insertion of new section 80EE. 15. After section 80E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2014, namely:— '80EE.

Insertion of new section 80EE.
15. After section 80E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2014, namely:—
'80EE. Deduction in respect of interest on loan taken for residential house property.—(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 house property.
(2) The deduction under sub-section (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 the 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 the 1st day of April, 2015.
3) The deduction under sub-section (1) shall be subject to the following conditions, namely:—
(i) the loan has been sanctioned by the financial 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;
(iii) the value of the residential house property does not exceed forty lakh rupees;
(iv) the assessee does not own any residential house property on the date of sanction of the loan.
(4) 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 provisions of the 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 (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 on the business of providing long-term finance for construction or purchase of houses in India for residential purposes.'.
© Copyright. Taxmann Publications Pvt. Ltd.
Section 15, The Finance Act, 2013.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 80E Deduction in respect of interest on loan taken for higher education

Questions about Section 15

What does Section 15 of the Finance Act deal with?

Section 15 of the Finance Act is headed "Insertion of new section 80EE". Insertion of new section 80EE. 15. After section 80E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2014, namely:— '80EE.

How do I find court cases under Section 15 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2013 15, section 15 Finance Act 2013, section 15 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 15 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 80E (Deduction in respect of interest on loan taken for higher education), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule7233 words
2. Income-tax3208 words
26. Insertion of new Chapter X-A1952 words
103. Amendment of Act 32 of 19941412 words
5. Amendment of section 101253 words
39. Insertion of new section 144BA1225 words

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.

(i)		the loan has been sanctioned by the financial 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;
(iii)		the value of the residential house property does not exceed forty lakh rupees;
(iv)		the assessee does not own any residential house property on the date of sanction of the loan.

(a)		"financial institution" means 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 on the business of providing long-term finance for construction or purchase of houses in India for residential purposes.'.