selling of let out house property
This query is : Resolved
31 July 2010
Can A Assessee sell his Let-out house property for which from past two years he is claiming interest for loan borrowed (and still he has not settled the loan & still paying the interest) u/s.24 ??? If he sells will there be any reversal of interest( Deduction claimed
31 July 2010
no reversal of interest needed.. however it is to be noted tat watever principal deduction is claimed u/s 80C and the house is sold within 5 years then the deduction so claimed shall be deemed income in the year of sale
31 July 2010
Also it there is loan on this flat then the bank will not let u sell the house without u repaying the home.
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