DEDUCTION U/S 80 C

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RAHUL DUGAR (Querist)
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15 February 2010 SIR/MADAM,

LETS SAY I PURCHASE A HOUSE OF RS 1000000 AND PAY STAMP DUTY OF RS 50000 OUT OF WHICH I ARRANGE A LOAN OF 85% OF 1050000.
AND 15% IS SELF FINANCED.
IN SUCH CASE WHETHER I WILL BE ALLOWED DEDUCTION FOR SUCH 15% SELF FINANCED.

PLEASE REPLY. THANKING YOU.

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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15 February 2010 Deduction U/S 80 C is available to a maximum of Rs.1,00,000/-ie. stamp duty paid 50,000/- plus purchase of House from own funds plus repayment of principal amount on housing loan, etc.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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16 February 2010 In 80C you will get deduction of house loan principal payment and stamp duty whether it is by loan or self paid.
In your case loan is 1050000 and house purchased on 1000000/- stamp duty 50000/-So you can get deduction for 1050000/- full. But the money you used by self will not get any deduction

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