RAHUL D. PATEL
ARTICLE
[ Scorecard : 32]
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Posted On 03 February 2010 at 15:18
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Is it complsory to hold house for 5 full years to claim deduction of PRINCIPAL amount of loan repayment?
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Amir 
Learner
[ Scorecard : 2752]
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Posted On 03 February 2010 at 15:27
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Dear Rahul,
Ya brother, condition is there............
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C.Balaji
Student
[ Scorecard : 1247]
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Posted On 03 February 2010 at 15:45
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Mr.Rahul
Yes there is a condition to hold house for 5 yrs to claim principal ded...
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I - Know - Nothing
Student
[ Scorecard : 1309]
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Posted On 03 February 2010 at 15:57
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Yes, such a condition is there, but no one observes practically. It is given in 80C(5).
You should
(a) hold the house for 5 consecutive years from the end of the previous year in which possession of the property is given to u, and
(b) you must not receive back any money which you have paid and claimed deduction under 80C towards principal of HL .....
or in the PY in which either condition is violated,
(a) the aggregate deduction allowed to you will be added back as your income and
(b) no deduction wil be allowed to you in respect of the principal during the PY
Total thanks : 2 times
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Amir
Learner
[ Scorecard : 2752]
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Posted On 03 February 2010 at 16:04
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Dear G.K.,
Thanks, I should modify my earlier post to avoid confusion.............
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C.Balaji
Student
[ Scorecard : 1247]
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Posted On 03 February 2010 at 17:01
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Thanks to Mr.G.K.
i didn't notice this brother....once again thank you...
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Hareesh H Sharma
IPCC
[ Scorecard : 863]
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Posted On 03 February 2010 at 22:32
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Nice post GK....
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