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Tax Query Corner
January, 12th 2010

My society has undertaken redevelopment. Weve been offered lumpsum amount towards rentals and hardship compensation during the construction period. The latter will be paid in two instalments and rental hardship compensation would be given in advance for first year and in form of post-dated cheques for second year. Kindly clarify the tax treatment on the payouts.

AP Talpade

The hardship compensation can be considered as a capital receipt and accordingly would not be liable to tax.

I got an allotment in the Yamuna Expressway Authority plot scheme of 300 sq m. I would be paid 30% of the cost of the plot by January and the balance with interest in half yearly instalments. Shall I get income tax benefits on the instalments?

Gursharan Singh

You would not be able to claim any tax benefit on payment of instalments to Yamuna Expressway Authority. When you sell the plot, the entire cost of the plot would be deductible from the sale value.

My wife is a teacher and an income tax payee. I have NSC on my name but have not taken its tax benefit as my standard deduction of Rs 1 lakh is met. Can my wife take the tax benefit of NSC in my name?

Vikas Kumar

Under section 80C of the Income Tax Act, 1961, one can claim deduction on investment in National Savings Certificate (NSC) only if its in his own name. Therefore, your wife would not be eligible to claim deduction for investment in NSC. One can claim deduction on investments in public provident fund (PPF), or on payment of life insurance premium even if the PPF account or the life insurance policy is in the name of the spouse or children.

Am I eligible to get deduction under Section 80C for loan repayment and expenses incurred on stamp duty payment and registration paid on my house before completion/possession of property. The property is for self-occupancy.

Bimal Naha

Section 80C of the Income Tax Act, 1961, allows deduction on payment of stamp duty/registration fees paid for purchase of a residential house, the income of which is chargeable under the head Income from House Property.

The income from the house property would be chargeable only from the year in which construction of the house is completed. Therefore, if the house in question is under construction as on the last day of the relevant financial year, then you will not be eligible to claim deduction on stamp duty and registration fees.

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