Deduction under section 80C

Save Share

This query is : Resolved

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????

Help me in solving these queries

Thank You

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now