80 C Deduction,whether condition 'out of taxable income' ?
This query is : Resolved
10 March 2009
I would like to know wheather there is condition that to get 80 C investments/Expanditures should be out of assessee taxable income ?
Example: Suppose Mr. 'A' repay his housing loan principal to bank out of loan from another bank.As the condition is satisfied Repayment of principal of housing loan,can Mr.A take deduction of 80 C on such housing loan repayment.
As I did'nt found anywhere written that such repayment should be out of assessees income as was earlier in section 88.
Pls reply whether H/loan repayment to banking co.through another loan is eligible for 80 C deduction.
anooplines@yahoo.com
Example: Suppose Mr. 'A' repay his housing loan principal to bank out of loan from another bank.As the condition is satisfied Repayment of principal of housing loan,can Mr.A take deduction of 80 C on such housing loan repayment.
As I did'nt found anywhere written that such repayment should be out of assessees income as was earlier in section 88.
Pls reply whether H/loan repayment to banking co.through another loan is eligible for 80 C deduction.
anooplines@yahoo.com
10 March 2009
Yes.
There is no such condition in sec.80C.
There is no such condition in sec.80C.
10 March 2009
i support Mr. Nitin
12 March 2009
One has to check....bcause this is a big loophole
13 March 2009
NO, even assessee can make investment out of exempted income or loan taken
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