Dear,
Have we got the deduction u/s 80C if we sale the property before completing lock in period and purchase another property in same previous year.
Thanks is advance.
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Repayment of Housing Loan
Replies (4)
Deduction U/S 80C will be allowed. i have not undestood what lock in period iu r reffering to. but if u have paid loan during the year
then 80C will be allowed
Lock in period is the condition of section 80C(5) for transffer of house property before completing of 5 years.
sale of old property and purchasing a new one without being it Long term capital asset will not save your tax implication and if u do this then housing loan claim should not be allowed as per my believe in this situation u cann't claim deduction u/s 80c for h/loan repayment
thanx
thnks sboochraji for giving me a wonderful information regarding the capital gain taxilibility u/s 54. But again one think that ,we are able to take both the exemption in salary as well as capital gain u/s 54 or not.
Means, i hope in my case there is no chance to take the Repayment of Housing loan deduction u/s 80C not eligible, b'coz the restriction of lock in period is five years.
please advice or suggest.
Urgent for issue form-16.
thnks in advance.
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