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Deduction of 80C & Interest income

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 January 2011 Mr.A transferring property to Mr.B for Rs.50 lacs.
Mr.B paying the amount in instalment of Rs.5.5 lacs each year for 10 years.

whether amount paid by Mr.B is allowed as deduction u/s 80C as instalment paid for the purchase of house u/s 80C(2)(xviii)(a)?

whether extra amount of Rs.500000 received by Mr.A can be considered as interest or part of sales vaule?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 January 2011 Sec 80C is applicable in case of borrowing from bank.

It will be treated as interest income.
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Guest

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Guest (Expert)
24 January 2011 Sec 80C is applicable in case of borrowing from the lenders mentioned in sec. 80C(2)(xviii)(c) only.
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