Apartments for Cheap

Questions and Answers

Your Questions About Section 80

June 16, 2012

Helen asks…

Whether Principal repayment of Home loan for repair is allowed under section 80 C?

Dear All
Pls clearify me whether the principal amount paid during the finanacial year is allowed under section 80 C of income tax as the amount paid for Home loan is allowed.

Administrator answers:

Under Section 80C of the IT Act, deduction is available in respect of repayment of the principal amount of a loan taken to buy or construct a residential house. Under this section, a maximum deduction of Rs 1 lakh (Rs 100,000) is allowed per year.

You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessee. All these deductions, however, should not exceed the overall limit of Rs 1 lakh.

Ken asks…

What is the limit of tax rebate under section 80 c I am eligilbe for?

My accountant says that I can invest a maximum of 1 lac on tax free investments. Investing further on Govt bonds, Tax free ULIPs is of no use.

Is this true…Do Indian Income Tax Laws support this?

Administrator answers:

Yes, Income tax act duly support that the maximum deduction U/S 80 C is Rs. 100000

Richard asks…

Is it safe to say Kendrick Lamar’s Section 80 is the best album of 2011?

It is very rare you see a top 5 list without this album in it, while most have it at number 1?

If you disagree what do you have as number 1?
Yes the Roots album was great but it is the same Roots album as the other 45 they have, nothing different.

Administrator answers:

I’ve narrowed my top 5 hip hop releases to
Kendrick Lamar – Section.80
The Roots – Undun
Elzhi – Elmatic
Big K.R.I.T. – Returnof4eva
Common – The Dreamer, The Believer

For me, Elmatic got the most spins out of anything this year, but Section80 did stand apart from the other releases I agree. I would put that and Returnof4eva as the most original releases this year.

Ruth asks…

I decided to give Section.80 a listen. How would you rate that album?

So I went ahead and started downloading Section.80. What do you think about that album? 1-10?

Administrator answers:

When I first heard it, I hated his voice. I gave it a 7/10.

After a few more listens, it’s grown on me a lot.
Fantastic album, in my opinion.
Atleast an 8.5/10

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