Hp purchased on loan, now wants to sale without clear loan??
This query is : Resolved
08 August 2016
Hi Friends,
Client (Individual) Purchased one House Property by taking a loan form bank five years back till date the loan not cleared . He pays installments till date. Now he wants to sale the house property .
In AY 2016-17 He claims both Sec 80C Deduction i.e Principle amount paid and Sec 24 Deduction i.e Interest on housing loan .
Please give advise for tax saving in current year and loan balance amount how to treat it.
Client (Individual) Purchased one House Property by taking a loan form bank five years back till date the loan not cleared . He pays installments till date. Now he wants to sale the house property .
In AY 2016-17 He claims both Sec 80C Deduction i.e Principle amount paid and Sec 24 Deduction i.e Interest on housing loan .
Please give advise for tax saving in current year and loan balance amount how to treat it.
08 August 2016
You have mentioned that loan was taken five years back. As per provisions of section 80C if benefit of loan repayment u/s 80C has been taken then the concerned house property must not have been transferred before five years from end of the financial year in which such property was purchased or acquired.
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