Deduction u/s 80c
This query is : Resolved
Tushar Chandel
(Querist)
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.
CA PARAS BAFNA
(Expert)
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.
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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.
.
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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.
.
Tushar Chandel
(Querist)
02 January 2013
But won't the deduction then get proportionately reduced that is what study mat of ICAI theoretically states
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