Housing loan principal repayment & interest of sold house
This query is : Resolved
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)
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)
01 March 2013
Yes, you can claim deduction of Both U/s80C and 24(b).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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02 March 2013
Limit is 100000/- for principal payment in 80C...while 150000/- for self occupied property in 24(b)
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.
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.
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.
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.
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