Help me please
I aquired house in March 10 and sold it in March 13
Can I take benefit of Deductions of hsg loan interest and principle in march 13???
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Hsg loan interest
Replies (6)
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.
Miss Pooja, you cannot take benefit ..because you were not a owner of such house at the ems of the relevant previous year.
| 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.
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