Sec 80C Tax benefit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 May 2010
One of my clients has bought an under construction flat in Mumbai in Sept 09. He has taken a loan from HDFC Ltd and the EMI's have started from Jan 2010.
The housing loan representative said he can avail tax benefits on the EMI only after the possession of the property is complete (June' 2011).
Does this mean that h will not get any tax benefit for almost 18 EMI's (Jan 2010 - June 2011). Is there any way he can get some tax benefit out of this in this financial year?
The housing loan representative said he can avail tax benefits on the EMI only after the possession of the property is complete (June' 2011).
Does this mean that h will not get any tax benefit for almost 18 EMI's (Jan 2010 - June 2011). Is there any way he can get some tax benefit out of this in this financial year?
12 May 2010
Sec. 80C is very silent about this. It only says the principle repayment for loan taken to buy a property or for renovation.
on the basis of plane reading you can avail the tax benefit.
Experts pls. post your comment.
on the basis of plane reading you can avail the tax benefit.
Experts pls. post your comment.
12 May 2010
Yes. My view is also that you can avail the exemption u/s 80C.
Experts views are solicited....
Experts views are solicited....
12 May 2010
the installment paid before the possession will be allowed as deduction in 5 years in equal proportion subjection to limit of respective Section......
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
