Deduction u/s 80c
This query is : Resolved
02 January 2013
I had a doubt whether a professional(individual) can claim deduction u/s 80C for repayment of loan(principle) of a residential house property used by him as an office.
02 January 2013
Professionals generally makes the things typical for themselves. If the professional dwells in the flat and reads some book or starts practice in one room and utilises the premises for residential purpose, then also there should be no suspicion in our mind.
.
The place is a residence or office can very well be decided by its construction as well as location. If he purely utilises it for the office purpose , but he allows his peon to reside there, then also it can be said a residential premises.
.
.
The place is a residence or office can very well be decided by its construction as well as location. If he purely utilises it for the office purpose , but he allows his peon to reside there, then also it can be said a residential premises.
.
02 January 2013
But won't the deduction then get proportionately reduced that is what study mat of ICAI theoretically states
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
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Experts need help
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
