Deduction u/s 80c
This query is : Resolved
28 July 2011
Hi,
i'm an individual assesee.
i took housing loan, and used for construction of commercial building.
can i claim the principal repaid u/s 80C. Reply with case law.
i'm an individual assesee.
i took housing loan, and used for construction of commercial building.
can i claim the principal repaid u/s 80C. Reply with case law.
CA PARAS BAFNA
(Expert)
28 July 2011
The purpose of loan must be construction of residential house property for getting deduction U/s 80C.
Pl refer Section 80C(2)(xviii).
However, you can take deduction in respect of Section 24 as in this section the word "residential" has not been used. It is intended for all kinds of properties, except the commercial property which is used for own business purpose.
Pl refer Section 80C(2)(xviii).
However, you can take deduction in respect of Section 24 as in this section the word "residential" has not been used. It is intended for all kinds of properties, except the commercial property which is used for own business purpose.
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CA Navin Jain
(Expert)
28 July 2011
deduction under sec 80 c only for purchase or construction of residential hose property
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