Reversal of 80c deduction for home loan sale of flat
This query is : Resolved
Santosh Kumbhar
(Querist)
06 July 2017
Sold property after 3 yrs and i have taken 80C deduction for Home Loan Principal amt paid.
Agreement entered in Feb-17 Part money recd before YE 31-03-17., balance in F.Y.2017-18.
Kindly advice do i have to reverse 80C deduction for 3 yrs taken and also advice capital gain to be shown in this F.Y.16-17.
Agreement entered in Feb-17 Part money recd before YE 31-03-17., balance in F.Y.2017-18.
Kindly advice do i have to reverse 80C deduction for 3 yrs taken and also advice capital gain to be shown in this F.Y.16-17.
Amol S Joglekar
(Expert)
06 July 2017
the aggregate amount of deduction that has been availed in last 3 years shall be deemed to be the income of this year
Santosh Kumbhar
(Querist)
07 July 2017
Thanks
but what about capital gain working do i need to give details in Return to be filed for 31.3.17 as property sale part money received in F.Y.2017-18.
but what about capital gain working do i need to give details in Return to be filed for 31.3.17 as property sale part money received in F.Y.2017-18.
Amol S Joglekar
(Expert)
08 July 2017
when is the deed of sale registered....in fy 2016 -17 or fy 2017-18?
Santosh Kumbhar
(Querist)
10 July 2017
deed of sale registred in Feb-17 means in F.Y.2016-17
Amol S Joglekar
(Expert)
10 July 2017
yes, your capital gain is in the FY 2016 - 17. You have to show it in the return of income.
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