Housing loan principal repayment & interest of sold house

This query is : Resolved

Harshal Gautam Dawre (Querist)
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01 March 2013 If we sale House and paid the proceed to bank for discharge the balance Housing Loan amt and interest

Then can we claim same for Inocme tax purpose
as Principal Repayment as deduction u/s 80C

And Interest on Self Occupied Property u/s 24 (2)

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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01 March 2013 Yes, you can claim deduction of Both U/s80C and 24(b).

OM SAI SRI SAI JAI JAI SAI

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Mihir Doshi

Mihir Doshi (Expert)
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02 March 2013 Limit is 100000/- for principal payment in 80C...while 150000/- for self occupied property in 24(b)

Santosh Mishra

Santosh Mishra (Expert)
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04 March 2013 Agree with experts on interest part.

But I as per my understanding principal repayment is not allowed as deduction u/s 80C, also if possession of the property was obtained less than 5 years prior to sale, exemption claim earlier u/s 80C is also taxable in the year of sale.

Mihir Doshi

Mihir Doshi (Expert)
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04 March 2013 Agree with Expert.....

In the year of sale, Principal payment wont be allowed under 80C as well any deduction avail in last five year under 80C would be taxable in the year of Sale of property.