About interest paid on housing loan

This query is : Resolved

H P RAJATH PRASAD JAIN (Querist)
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09 August 2014 The assessee has sold residential house during the f.y.2013-14 he paid interest on housing loan Rs. 63965 and principal Rs. 700000 which was borrowed for purchase of residential house which was sold in fy 2013-14 whether it is allowed U/s 24 and 80 C
my doubt is if the residential house is sold
int paid and principal amount is eligible for deduction or not pls solve my quiry as early as possible

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2014 there should not be any problem in claiming interest deduction.

However, for 80C deduction you need to check whether the house was sold within 5 years of purchase or not. if yes, then not only that current year deduction wont be allowed, but earlier deductions shall also be reversed.

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