In computing income under the head “Income from financial assets”, the following expenses shall be allowed, namely:—

(a) any deduction except the deduction of income-tax against interest or share profit credited to the account of the assessee by a bank or ¹[finance company];

(b) any interest paid on money borrowed for the purpose of earning income from financial assets;

(c) any other expenditure incurred solely for the purpose of earning the relevant income, other than the expenditure mentioned in clause (a) or (b).