Rebate u/s 80c

This query is : Resolved

Kalpesh Patel (Querist)
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21 February 2013 A person purchase an old residential house from his own fund. Can he get Rebate U/S. 80 C towards payment for purchase of resident house?

If he will take loan from any person (other than bank or housing finance or other financial institute) can he get rebate U/S. 80 C towards payment for purchase of resident house?

Please give case reference if any

Mohit Naithani

Mohit Naithani (Expert)
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21 February 2013 1st case : An assessee is not be able to claim any deduction if he bought a new house from his own fund.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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21 February 2013 for 1st part agree with Mr. Mohit

but in second case it is wrong. you can't claim 80C if you take loan from a individual.
only following loans are permissiable:
Loan from
central Govt or State Govt
Bank including co-operative banks
LIC
National housing bank
Public company
assessee employer but employer must be public company

CA. Jatin Gupta

CA. Jatin Gupta (Expert)
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21 February 2013 agree with Mr Prashant Gupta

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