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Taxable Income

Investment in new house:Do all costs qualify for deductions

The following payments do not qualify for deduction under section 80C in relation to investment in new residential house property:

a. the admission fee, cost of the share and initial deposit which a shareholder of a company or a member of a shareholder or member; or

b. the cost of any addition or alteration to, or renovation or repair of, the house property which is carried out after issue of the completion certificate in respect of the house property by the authority competent to issue such certificate or after the house property (or any part thereof) has either been occupied by the assessee or any other person on his behalf or been let out; or

c. any expenditure in respect of which deduction is allowable under the provisions of section 24.

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