Sale of house return of income tax benefits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2011
I purchased a house in Sep 2009 and took benefit of income tax deduction for interest paid for 2 years.
Now I want to sale the house property.
Do I have to return the income tax benefit of deduction of interest paid on house property.
Now I want to sale the house property.
Do I have to return the income tax benefit of deduction of interest paid on house property.
CA PARAS BAFNA
(Expert)
11 December 2011
Interest benefit is not required to be returned. In case, Deduction U/s 80C has been claimed , it has to be added in your income in case the property is sold before the prescribed period of 5 years.
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