Intrest on loan
This query is : Resolved
20 February 2012
i purchased flat in 2008 if i sell that now will i have prob of reverting tax benifit on interst/principle amt paid to EMI ?
I heard after loan is closed you need to wait for 5 years is that true ?
I heard after loan is closed you need to wait for 5 years is that true ?
CA PARAS BAFNA
(Expert)
20 February 2012
You need not to reverse interest amount. Only benefit claimed U/s 80C towards principal repayment has to be reversed.
.
Principal is reversed to the extent of deduction claimed, only. Suppose you have paid 80000 LIP, 40000/- Principal repayment, in such case you can say that Deduction claimed is 20000/ only.
.
.
Principal is reversed to the extent of deduction claimed, only. Suppose you have paid 80000 LIP, 40000/- Principal repayment, in such case you can say that Deduction claimed is 20000/ only.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Equity Share Sale and Purchase
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
