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Deductions u/s 80 c

Surbhi Garg (Chartered Accountant) (64 Points)

04 September 2010

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..

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8 Replies

CA Anil Kumar Tadaka (Manager (Finance)) (181 Points)
Replied 04 September 2010

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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CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 04 September 2010

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.

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Surbhi Garg (Chartered Accountant) (64 Points)
Replied 04 September 2010

I there no way to claim deduction or claim as expenditure as the payment cheques are made from the assessee's bank a/cs

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 04 September 2010

i not clered

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 04 September 2010

Originally posted by : CA Anil
	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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CA Anil Kumar Tadaka (Manager (Finance)) (181 Points)
Replied 04 September 2010

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).