Exemption u/s 80C - deduction allowed from taxable income or combined income - clarification

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..... e directly or indirectly attributable to the assessee's income chargeable to tax he will be entitled to the benefits of the provisions of Section 87 or, as the case may be, Section 80A of the Income-tax Act". 2. On a reference received, the matter was again examined by the Board in consultation with the Ministry of Law. The Board are advised that the position explained in paragraph 34 of the Ins .....

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..... taking a loan no rebate will be admissible. 3. The above instructions may please be brought to the notice of all the assessing officers under each charge. Assessments which have been completed prior to the receipt of this circular need not be re-opened and the instructions in para 2 above should be applied to all pending and future assessments. - Circular - Trade Notice - Public Notice - Inst .....

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