Lock in period for housing loan tax benefit
This query is : Resolved
24 April 2012
Dear All,
Please advise whether there is any lock in period for sale of house properties if we have taken tax benefit u/s. 80C (repayment of principle amount) and u/s. 24(Interest payable on housing loan).
Thanks
Ramesh
Please advise whether there is any lock in period for sale of house properties if we have taken tax benefit u/s. 80C (repayment of principle amount) and u/s. 24(Interest payable on housing loan).
Thanks
Ramesh
24 April 2012
No. Indirectly, one may say 3 years cut off is for making the deal "long term" else no locking period as such.
24 April 2012
The assessee has to hold the house for five years. If transferred before the expiry of five years, deduction allowed u/s 80C (2)(xviii) shall be deemed to be income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.
Message likes :
1 times
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Bank Accounts in Balance Sheet for ITR 3
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- 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
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
