(1) Where a resident with any pension income has been paid benefits from reverse mortgage-backed retirement pension system that meets the requirements prescribed by Presidential Decree, the amount equivalent to the interest on the loan that corresponds to the benefits in the relevant taxable period shall be deducted from the pension income for the relevant taxable period (hereinafter referred to as "interest expense deduction for reverse mortgage-backed retirement pension system"). In such cases, where the interest to be deducted exceeds two million won, two million won shall be deducted, and where it exceeds the pension income, such excess shall be written off.
(2) The interest expense deduction for reverse mortgage-backed retirement pension system shall apply when the relevant resident applies therefor.
(3) Matters concerning applications for the interest expense deduction for reverse mortgage-backed retirement pension system, methods to confirm the amount equivalent to interest, and other necessary matters, shall be prescribed by Presidential Decree.[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]