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of <h1>Clarification on Section 80C: Deductions Allowed for Completed Residential Property Construction Post-March 31, 1987, Under Income-tax Act 1961.</h1> The circular addresses the eligibility for deductions under section 80C of the Income-tax Act, 1961, concerning loans taken for purchasing or constructing residential properties. It clarifies that deductions are permissible if the construction is completed after March 31, 1987, and the income from the property is taxable as 'income from house property' in the relevant assessment year. If construction is incomplete by the end of the previous year relevant to the assessment year 1988-89, no deduction will be allowed. The circular instructs drawing and disbursing officers to consider this when deducting tax at source under section 192 for the financial year 1987-88.
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