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HOUSE LOAN REBATE MAY BE RETURNED

This query is : Resolved 
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(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
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
20 January 2008 When did you purchase and when did you sell?
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R.V.RAO

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R.V.RAO (Expert)
21 January 2008 TILL 3 YEARS AFTER YOU BUY A PROPERTY AND START CLAIMING DEDUCTIONS UNDER INCOME FROM HOUSE PROPERTY HEAD, YOU SHOULD NOT SELL THE PROPERTY.
OTHERWISE ,THE TOTAL DEDUCTIONS CLAIMED BY YOU UNDER THE HEAD WILL BE ADDED BACK AS YOUR INCOME AND TAXED IN THE YEAR OF SALE.
R.V.RAO
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