loan repayment
This query is : Resolved
06 October 2009
I want to ask that is there any time period within which house should not be sold or transferred in case of availing benefit u/s 80c of repayment of the principal amount of loan taken ?
06 October 2009
for 80c no such conditions available
06 October 2009
Mr Sushant,
Yes, There is a condition imposed by sub-section 5 of Section 80C. If you will sell the house before 5yrs from the end of financial year in which possession of property has been acquired by you, your total claim of 80C of earliar years will be treated as income of the year in which you sell the property.
For example X has taken possession of the property on July 2003, then he should sell the property earliest during the FY 2009-10.
Yes, There is a condition imposed by sub-section 5 of Section 80C. If you will sell the house before 5yrs from the end of financial year in which possession of property has been acquired by you, your total claim of 80C of earliar years will be treated as income of the year in which you sell the property.
For example X has taken possession of the property on July 2003, then he should sell the property earliest during the FY 2009-10.
07 October 2009
Yes,for a period of five years you can't transfer the property, if you are transferring it you are liable to tax which you have claimed exemption u/s 80c.
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
- About TDS & Income Tax
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Capital Gains on sale of residential flat
- F & O PROFIT REPORTING FOR AY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
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
