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Cost of residential house from own fund is eligible for80 c

umesh (proprietor) (29 Points)

25 November 2012

whether cost of contruction incurred from own money ( Not from borrowed fund ) is eligible for deduction for Sec 80C?

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4 Replies

V Vara Prasad (Chartered Accountant) (212 Points)
Replied 25 November 2012

Under 80 C repayment of Housing loan is allowed as deduction not the amount used from our own sources. So no 80c deduction in your case.

Ramakrishna Kamat (CA) (76 Points)
Replied 25 November 2012

In such cases only stampt duty, registration fees and other expenses for the purpose of transfer of such house property to the assessee if any are eligible for deduction under section 80C (2) (xviii) (d)

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Saket Sinha (Student) (129 Points)
Replied 25 November 2012

No cost incurred from own funds are not allowed as deduction. Only the amount such as registration fees etc are allowed.

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 26 November 2012

Originally posted by : Saket Sinha
	No cost incurred from own funds are not allowed as deduction. Only the amount such as registration fees etc are allowed.