(3)For the purposes of this section,-(a)"approved charitable institution" means an institution specified in, or, as the case may be, an institution established for charitable purposes and ] [approved by the prescribed authority] [ Substituted by Act 22 of 2007, Section 27, for " notified by the Central Government" (w.e.f. 1.4.2008).][under clause (23-C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80-G; [ Substituted by Act 18 of 2005, Section 25, for Section 80-E (w.e.f. 1.4.2006).](b)"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 Gazette, specify in this behalf;](c)[ "higher education" means any course of study pursued after passing the Senior Secondary Examination or its equivalent from any school, board or university recognised by the Central Government or State Government or local authority or by any other authority authorised by the Central Government or State Government or local authority to do so;] [ Substituted by Act 33 of 2009, Section 32(i) (w.e.f. 1.4.2010).](d)[ "initial assessment year" means the assessment year relevant to the previous year, in which the assessee starts paying the interest on the loan; ] [ Substituted by Act 18 of 2005, Section 25, for Section 80-E (w.e.f. 1.4.2006).](e)[ "relative", in relation to an individual, means the spouse and children of that individual or the student for whom the individual is the legal guardian.] [ Substituted by Act 33 of 2009, Section 32(ii) (w.e.f. 1.4.2010).]
