Reverse deductions
This query is : Resolved
RANDHIR SINGH YADAV
(Querist)
05 March 2012
what is the provison in case of house sale within 5 years and deduction claimed under section 80c
CA PARAS BAFNA
(Expert)
05 March 2012
In the year of sale , you may consider the deductions claimed in earlier AYs U/s 80C towards amount repaid as Income from other sources, and have to pay tax on that.
.
Example :
Loan Taken in FY 2009-10
Principal Repaid in FY 2009-10 50000
Principal Repaid in FY 2010-11 72500
Principal Repaid in FY 2011-12 120500
till 28.02.2012.
.
1. In AY 2010-11 agaist 50000 suppose Deduction allowed was only 40500, then you have to add 40500.
2. In AY 2011-12 Deduction Allowed 72500.
3. In AY 2012-13 : Do not claim Any Deduction. And Show 40500+72500=113000 as IFOS.
.
Example :
Loan Taken in FY 2009-10
Principal Repaid in FY 2009-10 50000
Principal Repaid in FY 2010-11 72500
Principal Repaid in FY 2011-12 120500
till 28.02.2012.
.
1. In AY 2010-11 agaist 50000 suppose Deduction allowed was only 40500, then you have to add 40500.
2. In AY 2011-12 Deduction Allowed 72500.
3. In AY 2012-13 : Do not claim Any Deduction. And Show 40500+72500=113000 as IFOS.
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