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Section 44B omitted which reads as follows :
44B.
Allowance of mark up paid. -
An
assessee shall be entitled to an allowance in respect of any mark up paid
by him in the income year on a house building loan invested in the purchase
of a house or apartment under the Prime Minister's Programme for the Revival
of Economy (Housing Sector).
(4)
No allowance shall be made under sub-section (1) in respect of a contract
which provides-
(a)
for the payment during the life of the assessee of any sums besides the
sums payable as annuity;
(b)
for the annuity payable to the assessee to commence before he attains
the age of sixty or after he attains the age of seventy;
(c)
that the annuity shall be capable, in whole or in part, of surrender,
commutation or assignment; or
(d)
for payment of the annuity outside Pakistan.
(5)
Nothing contained in this section shall apply to any amount in respect
of which an allowance has been made under section 44.
44AA.
Retirement annuity scheme.-
(1) Where
an individual, being a resident of Pakistan, is (or would but for the
loss of profit or gains, be) chargeable to tax,-
(a)
in respect of any salary or remuneration from an office or employment
held by him which is not a pensionable office or employment or which does
not provide any other retirement benefits; or
(b)
in respect of profit and gains, accruing or arising, from any business
or profession carried on by him,
he
shall be entitled to an allowance in respect of any sum paid by him in
the income year commencing on or after the first day of July, 2001, by
way of contribution or premium under a contract of annuity scheme approved
by SECP of an insurance company duly registered under the Insurance Ordinance,
2000 (XXXIX of 2000), having for its main object the provision to
the assessee of an annuity in old age.
(2) The
amount of allowance under sub-section (1) in a year shall not exceed five
per cent of the income or fifty thousand rupees whichever is the less.
(3) No
allowance shall be made under sub-section (1) in respect of a contract
which provides-
(a)
for the payment during the life of the assessee of any sums besides the
sums payable as annuity;
(b)
for the annuity payable to the assessee to commence before he attains
the age of sixty years;
(c)
that the annuity shall be capable in whole or in part, of surrender, commutation
or assignment; or
(d)
for payment of the annuity outside Pakistan.
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.
Section
44B omitted which reads as follows :
44B.
Allowance of mark up paid. -
An
assessee shall be entitled to an allowance in respect of any mark up paid
by him in the income year on a house building loan invested in the purchase
of a house or apartment under the Prime Minister's Programme for the Revival
of Economy (Housing Sector).
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