Info about deduction u/s 80 c
This query is : Resolved
03 January 2014
One of my client(Individual, Resident of New Delhi)have purchased Land in Jaipur for which he has taken personal loan from bank.Can he get deduction of Principal & interest amount?If no then please suggest me(if any) to get deduction .
03 January 2014
under 80C you not claim your principal amount bcoz u purhcased house, under section 80C Dedcution is allowabel only if house is constructed and prinicipal amount paid in regarding loan taken for construction, but
you calim interest dedcution u/s 24b and and you have any income in the current year then such interest loss setoff your current year income, otherwise carrie forward
you calim interest dedcution u/s 24b and and you have any income in the current year then such interest loss setoff your current year income, otherwise carrie forward
Message likes :
2 times
03 January 2014
Can i get deduction of interest amount on personal loan ? I have not taken home loan as i mentioned in my previous query
03 January 2014
NO YOU CAN'T GET DEDUCTION OF INTEREST AMOUNT ON PERSONAL LOAN UNDER HOUSE PROPERTY HEAD,
BUT YOU HAVE BUSINESS, THEN YOU SO SUCH AMOUNT UTILIZED FOR BUSINESS, THEN YOU GET INTEREST DEDUCTION IN YOUR BUSINESS INCOME
BUT YOU HAVE BUSINESS, THEN YOU SO SUCH AMOUNT UTILIZED FOR BUSINESS, THEN YOU GET INTEREST DEDUCTION IN YOUR BUSINESS INCOME
Message likes :
1 times
03 January 2014
If after some time I have started construction on that land.Loan earlier taken to purchase the land is allowable for deduction or not? or I will have to take fresh loan for construction of house to get deduction?
03 January 2014
Yes, Allowable but Praposnate amount which you utilized for construction only that part interest allowabel but you have to prove it when intimation come from department other wise not problem
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
