My question regarding 80C is that if i construct a house from my own funds (i.e. without loan and hence no principal and interest repayment)and the house so constructed is not under any self financing or any other scheme of any development authority.
And in that P.Y. i haven't invested in any other investment option u/s 80C due to this construction.
so the question is do i eligible to get exemption u/s 80C for construction of this house.
Kindly give your opinion with related laws and Case laws if any.
30 June 2014
deduction not available under 80c. It is clearly mentioned that payments of installments or part payments of loan taken for buying or constructing residential house property. You have not taken any loan for this house.
CAclubindia
