Income Tax Act, 2025
Section 5: Ins. by Act 32 of 1994, s. 29 (w.e.f. 11995).
5. Ins. by Act 32 of 1994, s. 29 (w.e.f. 11995).
429
(xiv) as subscription to any such deposit scheme of 1[, or as a contribution to any such pension
fund set up by], the National Housing Bank established under section 3 of the National Housing Bank
Act, 1987 (53 of 1987) (hereafter in this section referred to as the National Housing Bank), as the
Central Government may, by notification in the Official Gazette, specify in this behalf;
2[(xiva) as subscription to any such deposit scheme of—
(a) a public sector company which is engaged in providing long-term finance for construction
or purchase of houses in India for residential purposes; or
(b) any authority constituted in India by or under any law enacted either for the purpose of
dealing with and satisfying the need for housing accommodation or for the purpose of planning,
development or improvement of cities, towns and villages, or for both,
not being a scheme the interest on deposits whereunder qualifies for the purposes of computing the
deduction under section 80L, as the Central Government may, by notification in the Official Gazette,
specify in this behalf;]
3[(xivb) as tuition fees (excluding any payment towards any development fees or donation or
payment of similar nature), whether at the time of admission or thereafter,—
(a) to any university, college, school or other educational institution situated within India;
(b) for the purpose of full-time education of any of the persons specified in sub-section (4);]
(xv) for the purposes of purchase or construction of a residential house property 4*** the income
from which is chargeable to tax under the head “Income from house property” (or which would, if it
had not been used for the assessee’s own residence, have been chargeable to tax under that head),
where such payments are made towards or by way of—
(a) any instalment or part payment of the amount due under any self-financing or other
scheme of any development authority, housing board or other authority engaged in the
construction and sale of house property on ownership basis; or
(b) any instalment or part payment of the amount due to any company or co-operative society
of which the assessee is a shareholder or member towards the cost of the house property allotted
to him; or
(c) repayment of the amount borrowed by the assessee from—
(1) the Central Government or any State Government, or
(2) any bank, including a co-operative bank, or
(3) the Life Insurance Corporation, or
(4) the National Housing Bank, or
(5) any public company formed and 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 5[which is eligible for deduction under clause (viii) of sub-section (1)
of section 36], or
as subscription to any such deposit scheme of 1[, or as a contribution to any such pension
fund set up by], the National Housing Bank established under section 3 of the National Housing Bank
Act, 1987 (53 of 1987) (hereafter in this section referred to as the National Housing Bank), as the
Central Government may, by notification in the Official Gazette, specify in this behalf;
2[
as subscription to any such deposit scheme of—
a public sector company which is engaged in providing long-term finance for construction
or purchase of houses in India for residential purposes; or
any authority constituted in India by or under any law enacted either for the purpose of
dealing with and satisfying the need for housing accommodation or for the purpose of planning,
development or improvement of cities, towns and villages, or for both,
not being a scheme the interest on deposits whereunder qualifies for the purposes of computing the
deduction under section 80L, as the Central Government may, by notification in the Official Gazette,
specify in this behalf;]
3[
as tuition fees (excluding any payment towards any development fees or donation or
payment of similar nature), whether at the time of admission or thereafter,—
to any university, college, school or other educational institution situated within India;
for the purpose of full-time education of any of the persons specified in sub-section
for the purposes of purchase or construction of a residential house property 4*** the income
from which is chargeable to tax under the head “Income from house property” (or which would, if it
had not been used for the assessee’s own residence, have been chargeable to tax under that head),
where such payments are made towards or by way of—
any instalment or part payment of the amount due under any self-financing or other
scheme of any development authority, housing board or other authority engaged in the
construction and sale of house property on ownership basis; or
any instalment or part payment of the amount due to any company or co-operative society
of which the assessee is a shareholder or member towards the cost of the house property allotted
to him; or
repayment of the amount borrowed by the assessee from—
the Central Government or any State Government, or
any bank, including a co-operative bank, or
the Life Insurance Corporation, or
the National Housing Bank, or
any public company formed and 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 5[which is eligible for deduction under clause
of sub-section
of section 36], or