Do investments in new house qualify for deductions us 80C
The following payments qualify for deduction under section 80C in relation to investment in new residential house property:
a. any instalment or part payment of the amount due under any self-financing or other scheme of any development authority, housing board or other authority engaged in the construction and sale of house property on ownership basis; or
b. any instalment or part payment of the amount due to any company or cooperative society of which the assessee is a shareholder or member towards the cost of the house property allotted to him (it is not applicable if the assessee is not a shareholder or member of the company/cooperative society which provided house to the assessee); or
c. repayment of the amount borrowed by the assessee from
i. the Central Government or any State Government, or
ii. any bank, including a cooperative bank, or
iii. the Life Insurance Corporation of India, or
iv. the National Housing Bank, or v. any public company formed and registered in India with the main object of carrying on the business of providing long term finance for construction or purchase of houses in India for residential purposes which is eligible for deduction under section 36(1) (viii),
or
v. any company in which the public are substantially interest or any cooperative society, where such company or cooperative society is engaged in the business of financing the construction of houses, or
vii. the assessee’s employer where such employer is an authority or a board or a corporation or any other body established or constituted under a Central or State Act, or viii. the assessee’s employer where such employer is a public company or public sector company, or a university established by law or a college affiliated to such university or a local authority or a cooperative society;
d. stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee.
Do investments in new house qualify for deductions us 80C
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