Hsg loan interest

Yes Pooja...you can for that year

ACCORDING TO ME

YOU CAN TAKE BEMIFIT OF LOAN INTEREST PAID & PRINCIPAL PAID IN CASE YOU HOLD THE PROPERTY IN THE RELEVANT F.Y. U/S 24(b) & 80C RESPECTIVELY AS U MUST BE DOING IN THE EARLIER YEARS OF PAYMENT

If the assessee has transferred the property within 5 years of acquisition/construction, then 1) no deduction u/s 80C (principal) shall be allowed of repayments made during the year, 2) the aggregate of deductions u/s 80C (principal) availed earlier shall be deemed to be the income of the assesee in the year of transfer.

Originally posted by : Mihir
	If the assessee has transferred the property within 5 years of acquisition/construction, then 1) no deduction u/s 80C (principal) shall be allowed of repayments made during the year, 2) the aggregate of deductions u/s 80C (principal) availed earlier shall be deemed to be the income of the assesee in the year of transfer.

Besides, housing loan interest deduction under section 24(b) is also not available for the year of sale as ownership is necessary but it won’t be reversed like 80C. Moreover, you will be able to claim the interest as cost of improvement for capital gain purpose [Refer ACIT Vs. C. Ramabrahmam (IT APPEAL NO. 943 (MDS.) OF 2012)]

Thanks to all.