Is it complsory to hold house for 5 full years to claim deduction of PRINCIPAL amount of loan repayment?
6 Replies
Amir
(Learner)
(4016 Points)
Replied 03 February 2010
Dear Rahul,
Ya brother, condition is there............
C.Balaji
(Learner)
(1867 Points)
Replied 03 February 2010
Mr.Rahul
Yes there is a condition to hold house for 5 yrs to claim principal ded...
Max Payne
(employed)
(2574 Points)
Replied 03 February 2010
Yes, such a condition is there, but no one observes practically. It is given in 80C(5).
You should
(a) hold the house for 5 consecutive years from the end of the previous year in which possession of the property is given to u, and
(b) you must not receive back any money which you have paid and claimed deduction under 80C towards principal of HL .....
or in the PY in which either condition is violated,
(a) the aggregate deduction allowed to you will be added back as your income and
(b) no deduction wil be allowed to you in respect of the principal during the PY
Amir
(Learner)
(4016 Points)
Replied 03 February 2010
Dear G.K.,
Thanks, I should modify my earlier post to avoid confusion.............
C.Balaji
(Learner)
(1867 Points)
Replied 03 February 2010
Thanks to Mr.G.K.
i didn't notice this brother....once again thank you...
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