Reversal of 80c deductions
This query is : Resolved
01 February 2018
if we claim deduction for housing loan principal repayment under section 80c than after sold the house before 5 years than the benefit claim have to reversed than under which head this amount to be shown.
01 February 2018
Since none of the specific head of income covers this aspect, it shall be chargeable under the residual head i.e Income from other sources.
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01 February 2018
'Income from other sources'.
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01 February 2018
As per rules, any deduction claimed under Section 80C in respect to principal repayment of housing loan, would get reversed and added to your annual taxable income in the year in which the property is sold and you will be taxed at current rate,under income from other sources
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