Deduction u/s 80c
This query is : Resolved
Nitesh Kumar Sharma
(Querist)
31 December 2012
Dear All,
Whether under 100000/- limit u/s 80c of Income tax act, repayment of PF loan will be covered with Normal PF Deduction.
Whether under 100000/- limit u/s 80c of Income tax act, repayment of PF loan will be covered with Normal PF Deduction.
CA PARAS BAFNA
(Expert)
31 December 2012
Repayment of PF Loan is not covered under section 80C.
04 January 2013
Yes I agree with the expert
Nitesh Kumar Sharma
(Querist)
04 January 2013
Then whether we can claim this repayment of pf loan as deduction elsewhere, or this is not a deduction at all.
CA PARAS BAFNA
(Expert)
04 January 2013
This is not deductible as the same is a repayment against capital receipt. At the time of taking the loan the amount was not taxed and that's why when you will repay it,
no deduction benefit is granted.
.
no deduction benefit is granted.
.
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