Form ITR-1
I have purchased a Pre-owned flat in Sep 2018, Flat is lying vacant.
This is the only property registered in my name. (I think, i can categorise it as self-occupied)
Stamp Duty & Registration cost paid around 2Lakhs
I have paid around 68K as interest and 20 K as principal to the bank last year
I may sell off this flat in 2-3 years.
Under 80C, I have exhausted 150K (Stamp Duties etc.,)
Under Section 24, House Property Income: -68000 (As there is No Rental Income)
Questions
1) Please let me know, if it is a must to include principal paid in 80C and Interest paid in Section 24 (I dont owe any Tax to the Govt even when I dont include them)?
When I include Principal & Interest next year will it create problem later as im not including it this year?
2) I read somewhere, if you are selling the house within 5 years the deduction would become an income when Im selling the house. So, Im trying to see if I can skip deducting principal and interest and also please let me know if this is the case for the stamp duties as well?
Thanks
Bala
CAclubindia
