Hey
can any body help me...
Is instalments paid by the assessee during the previous year to the HUDA for the allotment of plot in the name of the spouse is allowed as deduction u/c VI , IF yes then what would be the accounting treatment.
and If Not allowed as ded than is it a allowble expenditure...
please hep its urgent..
For the instalments paid, principal amount is eligible for deduction u/c. IV (sec.80C) and interest part is shown as loss from house property.
You can cliam Deduction u/s 80c after the possission of the plot. If plot is in the name of spouse u can not cliam the deduction.
I there no way to claim deduction or claim as expenditure as the payment cheques are made from the assessee's bank a/cs
i not clered
| Originally posted by : CA Anil | ||
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For the instalments paid, principal amount is eligible for deduction u/c. IV (sec.80C) and interest part is shown as loss from house property. |
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first u confirm that u have prepared a income tax return for business or salaried.
if it is a salary return the above applies and when it is a business return the same applies even he pays it through bank account as they are treated as drawings(that is paid from his personal account).
If the plot is in the name of spouse then deduction will not be allowed in any form.
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