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house property query

13 May 2018

sir any rules that if we exampted emi in 24(B) and 80C then we can't sale loanable property some of fix year any limit or we can sale anytime

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13 Replies

JAI BHOLA (504 Points)
Replied 13 May 2018

1st - 24B me apko interest ki deduction milti hai.
2nd - there is no fix time limit for this.... but if you sell and you want to exempt your capital gains then there are time limits which we will discuss if you want

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CA Rashmi Gandhi (Chartered Accountant) (86495 Points)
Replied 13 May 2018

There is no time limit on sale of property taken on loan & for which you claim exemption u/s 24(B) & 80C.....

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194948 Points)
Replied 13 May 2018

Vide Sub-sec 5(iii)(a) & (b) ... of Section 80C of IT act, 1961

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JAI BHOLA (504 Points)
Replied 13 May 2018

dhirajal sir there was no need of posting this........

rama krishnan (12244 Points)
Replied 13 May 2018

transfers the house property referred to in clause (xviii) of sub-section (2) before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified in that clause,
then,—
(a) no deduction shall be allowed to the assessee under sub-section (1) with reference to any of the sums, referred to in clauses (i), (x), (xi) and (xviii) of sub-section (2), paid in such previous year; and
(b) the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.

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CA Rashmi Gandhi (Chartered Accountant) (86495 Points)
Replied 13 May 2018

Jai bhola you also not need to post this....

Dhirajlal sir is one of most experienced experts on caclub & he knows what he is posting......

rama krishnan (12244 Points)
Replied 13 May 2018

what Dhiraj sir posted is most relevant to the query

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JAI BHOLA (504 Points)
Replied 13 May 2018

dhiraj sir sorry , it was not to disrespect you......

rama krishnan (12244 Points)
Replied 13 May 2018

Jai sir.. we too mentioned not to hurt your feelings.. we are like family..

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Manish Anandvani (121 Points)
Replied 13 May 2018

sorry for everyone I like this application very much I am businessmen and now I am practise income tax so some person refer me this application rearly this application is very nice bcoz all the expert available and gives perfest and fast answer any question so thanks to all of ca club family

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rama krishnan (12244 Points)
Replied 14 May 2018

welcome Manish ji

1 Like