Urgent please help me-whether ded under sec 80c available?
This query is : Resolved
31 July 2013
Respected Sir,
One of my clients has won a MHADA Lottery.I want to know whether payments made to MHADA for purchase of a residential house property qualifies for deduction under sec 80C.
I referred to sec 80C(2)(xviii)(a) wherein it is stated that :
Sums paid in the previous year by the assessee for the purchase of a residential property, where such payments are made towards or by way of any instalment or part payment of the amount due under any self financing or other scheme of any development authority,housing board, engaged in construction and sale of house property on ownership basis,shall be deducted in computing the total income of the assessee.
Please guide me on this matter at your earliest.
One of my clients has won a MHADA Lottery.I want to know whether payments made to MHADA for purchase of a residential house property qualifies for deduction under sec 80C.
I referred to sec 80C(2)(xviii)(a) wherein it is stated that :
Sums paid in the previous year by the assessee for the purchase of a residential property, where such payments are made towards or by way of any instalment or part payment of the amount due under any self financing or other scheme of any development authority,housing board, engaged in construction and sale of house property on ownership basis,shall be deducted in computing the total income of the assessee.
Please guide me on this matter at your earliest.
03 August 2013
Lottery winning is casual income under sec,.56 and no deduction allowed under chapter VI-A, so fully taxable
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
- Supply through E-commerce Operators
- STCG....................................................
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Relief u/s Section 89
- GST ON DAMAGED GOODS
- Tax liability on income of freelancer
- Agriculture income or business income
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
