15 December 2012
Hello friends & members....My question is relating to deduction of stamp duty and registration charges of an under construction house property....Can one claim deduction u/s 80C , for the amount paid as Stamp Duty & Registration charges for under construction property ? IF so, how much deduction can be claimed i.e. the total amount actually paid or is there any restriction to the said deduction u/s 80C....Prompt reply is highly appreciated...Thanks in advance...
15 December 2012
The intention of the legislature is to encourage savings by the citizens of India, Income Tax Act, 1961 gives deductions while calculating taxable total income of a person if it is approved savings as per Income Tax Act, Indian Economy is of Savings unlike American Economy by spending which means spending gives an opportunity to produce goods and services whereas Indian economy is a mixed economy where savings generate for investment in productive sectors
CAclubindia
