DEDUCTION U/S 80 C
This query is : Resolved
15 February 2010
SIR/MADAM,
LETS SAY I PURCHASE A HOUSE OF RS 1000000 AND PAY STAMP DUTY OF RS 50000 OUT OF WHICH I ARRANGE A LOAN OF 85% OF 1050000.
AND 15% IS SELF FINANCED.
IN SUCH CASE WHETHER I WILL BE ALLOWED DEDUCTION FOR SUCH 15% SELF FINANCED.
PLEASE REPLY. THANKING YOU.
LETS SAY I PURCHASE A HOUSE OF RS 1000000 AND PAY STAMP DUTY OF RS 50000 OUT OF WHICH I ARRANGE A LOAN OF 85% OF 1050000.
AND 15% IS SELF FINANCED.
IN SUCH CASE WHETHER I WILL BE ALLOWED DEDUCTION FOR SUCH 15% SELF FINANCED.
PLEASE REPLY. THANKING YOU.
15 February 2010
Deduction U/S 80 C is available to a maximum of Rs.1,00,000/-ie. stamp duty paid 50,000/- plus purchase of House from own funds plus repayment of principal amount on housing loan, etc.
16 February 2010
In 80C you will get deduction of house loan principal payment and stamp duty whether it is by loan or self paid.
In your case loan is 1050000 and house purchased on 1000000/- stamp duty 50000/-So you can get deduction for 1050000/- full. But the money you used by self will not get any deduction
In your case loan is 1050000 and house purchased on 1000000/- stamp duty 50000/-So you can get deduction for 1050000/- full. But the money you used by self will not get any deduction
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
