Housing loan interest
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2012
our client paid housing loan interest 144000/- for his fist house then he sold the house and buy 2nd house and paid 40000/- housing loan interest for 2nd house,so housing loan deductin what will be taken in income tax 150000/- or 184000/-
CA PARAS BAFNA
(Expert)
09 June 2012
The limit of 150000/- will prevail.
..
Please also check the provisions of Section 80C.
.
First House, if sold prior to 5 completed years from the end of the previous year, in which it was acquired, Deductions Allowed U/s 80C in respect of this have to be reversed by treating the same as Income.
.
..
Please also check the provisions of Section 80C.
.
First House, if sold prior to 5 completed years from the end of the previous year, in which it was acquired, Deductions Allowed U/s 80C in respect of this have to be reversed by treating the same as Income.
.
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