Deductions on housing loan for new house
This query is : Resolved
23 April 2011
If a person who has constructed a house and claimed deduction u/s 24(b) and 80 (c) in respect of interest and repayment of housing loan. Subsequently he adjusted the loan account and sold the said house and purchased a new house and availed new housing loan for that. Can he again claim deductions under section 24(b) as well as 80 (c)
CA. Deepak Narula
(Expert)
23 April 2011
yes, he can claim deductions for new housing loan. but provision for capital gains should also be kept in mind. new house purchased should not be sold within 3 years of its acquisition.
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