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of <h1>Amendment to Section 80C: Tax Deductions Revised for Housing Payments and Government Securities from April 1, 1988.</h1> The amendment to Section 80C of the Income-tax Act, effective April 1, 1988, revises the provisions for tax deductions on certain payments. It specifies that individuals, Hindu undivided families, or associations of persons in specific Union territories can claim deductions for payments made towards specified government securities or for the purchase or construction of residential property completed after March 31, 1987. Deductions are allowed for payments made towards housing schemes, loans from approved entities, and certain property-related expenses, excluding costs like admission fees or post-completion renovations. The amendment also outlines conditions under which deductions may be reversed if certain criteria are not met.
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