5 years locking period - How to calculate

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Software Engg
46 Points Posted on 02 February 2011

Hi,

I prchased a house in August 2006 by home loan.Statrted taking tax benifit from FY 2006-2007. I come to know that if i sell it before 5 years , 80c rebate will be reverted.

Now my question is . How to calculate this 5 year period?

5 years will be completed in Aug 2011. So shall i sell it after aug 2011 or i need to wait until the end of financial year 2011-2012 i.e. until march 2012.

Please advise.

Thanks

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On 02 February 2011 at 15:18 Report
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Practising CA
33428 Points Posted on 02 February 2011

Five years to be calculated from the end of the financial year in which POSSESSION OF HOUSE PROPERTY is taken. You can sell the house on April 1st 2012 or there after to retain the benefits U/s 80C.

 

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On 02 February 2011 at 16:38

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