Deduction of 80C & Interest income
This query is : Resolved
Querist : Anonymous
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?
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?
24 January 2011
Sec 80C is applicable in case of borrowing from bank.
It will be treated as interest income.
It will be treated as interest income.
Guest
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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