44AAA.-    Allowance for mark up paid.-

(1)   An assessee shall be entitled to an allowance in respect of any mark up paid by him in an income year on a loan sanctioned and advanced on, or after, the first day of July, 2001, not exceeding six hundred thousand rupees by a Scheduled Bank under a house finance scheme approved by the State Bank of Pakistan or advanced by Government or a local authority or House Building Finance Corporation:

Provided that -

(a)    the maximum amount eligible for an allowance shall not exceed twenty five per cent of the income or fifty thousand rupees – whichever is the less;

 (b)    the loan is utilized for construction of new house or the acquisition  of a house; and

(c)    no deduction for mark up has been claimed under clause (e) or (ee) of sub-section (1) of section 20.