27 November 2014
financial institutions covered under banking regulation act or approved by Central government allowed as deduction. incase the lender approved by Central Govt then it is eligible
“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 any other financial institution which the Central Government may, by notification in the Official Gazette99, specify in this behalf;
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