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
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