HOUSE LOAN REBATE MAY BE RETURNED
This query is : Resolved
NAVEEN BANSAL
(Querist)
19 January 2008
I want to know that if i taken a home loan deduction ( for intt. and repayment)
after some time i sold my house
then what is the consequency.
plz tell me in detail
after some time i sold my house
then what is the consequency.
plz tell me in detail
S.Srinivasaraghavan
(Expert)
20 January 2008
Question has been repeated
CA. Vineet Grover
(Expert)
21 January 2008
Hi Naveen,
The deduction of principal repayment shall be available u/s 80C and the interest shall be allowable u/s 24.
If the house against which loan has been taken is sold out, you will be able to claim the benefits of deduction.
Further, 99% properties are mortgaged against which loan is taken. So you will not be able to sell the house until and unless the loan is squared. Thus the question of claiming interest and principal repayment benefit does not arise.
Rgds/
Vineet
The deduction of principal repayment shall be available u/s 80C and the interest shall be allowable u/s 24.
If the house against which loan has been taken is sold out, you will be able to claim the benefits of deduction.
Further, 99% properties are mortgaged against which loan is taken. So you will not be able to sell the house until and unless the loan is squared. Thus the question of claiming interest and principal repayment benefit does not arise.
Rgds/
Vineet
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