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Deduction under section 80C

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Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2009 1. Assume, I have taken loan for construction of Property and instalment for the same has been paid for PY 08-09 but the property has been occupied during the PY 09-10ie current year. Whether i am eligble to claim deduction u/s 80C Repayment of Prinicipal for PY 08-09.

2.Assume , i have sold one property this year for which dedutions under section u/s 80C prinicpal repayment has been claimed by me last year. This property has been purchased just 2 years Back. As per Section 80C , If a property has been sold within 5 years then deductions already allowed shall be chargeable to tax. I want to know under which head it is taxable???? I think so that it is House Property Income Whether I am Correct????

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Thank You

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 January 2010 1. 80C is not having any connection with the occupancy. For PY 2008-09 also you are eligible for ded. U/s 80C

2. Correct head would be IFOS.

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