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Deduction u/s 80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2013 One of my client has booked a flat and housing loan is approved by bank, and bank pays installment to the builder, the possession of flat will be next year. The repayment of housing loan is done by client, whether the principle portion is eligible for deduction in 80C as the interest will be deducted in 5 years when the flat is ready.
I just want to know whether he is eligible for 80 C deduction now or not?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 June 2013 Yes. you can claim 80C. since there is no restricted provision in the section for completion of construction
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2013 CAN U PROVIDE ME WITH CASE LAWS OR SOME SUPPORTINGS
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 June 2013 Sorry for my first reply. it is not allowed please refer the Circular : No. 498 [F. No. 275/111/87-IT(B)], dated 4-11-1987

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