80 C Deduction,whether condition 'out of taxable income' ?
This query is : Resolved
Anoop Garg
(Querist)
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
CA Nitin Wadhwani
(Expert)
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
Anoop Garg
(Querist)
12 March 2009
One has to check....bcause this is a big loophole
Manmohan ACA, CS
(Expert)
13 March 2009
NO, even assessee can make investment out of exempted income or loan taken
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- MSME disclosure and disallowance
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
