Interest on sold property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2012 is interest on housing loan allowed as deductipn after property is sold.and is it allowed when property is destroyed by fire

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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21 September 2012 sir, if you purchased/constructed any property it should be hyphothicate with the loan provider so you should be clear the loan before sell it because to release such hypothication and has to register on the name of the purchaser.So no question of interest paid after the sale of property. So interest paid is should be related to the period for which house property holds. So allowable.

In the case of destroyed by fire also allowable because owner ship of the property and barrower is important.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2012 under which section is it allowed.interest is paid during the yaer till it is sold in december and bank loan is settled.wil it be considered under self occupied or let out property

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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21 September 2012 In case keep it self occupied then consider as self occupied. otherwise in case you let out it then consider as let out property.

OM SAI SRI SAI JAI JAI SAI

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