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Repayment of Housing Loan

CA Pramod Singhal (CHARTERED ACCOUNTANTS) (68 Points)

15 June 2007

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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4 Replies

tushar jain (Service) (107 Points)
Replied 15 June 2007

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

CA Pramod Singhal (CHARTERED ACCOUNTANTS) (68 Points)
Replied 16 June 2007

Lock in period is the condition of section 80C(5) for transffer of house property before completing of 5 years.

Sonal Boochra (CA Practice ) (16 Points)
Replied 18 June 2007

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

CA Pramod Singhal (CHARTERED ACCOUNTANTS) (68 Points)
Replied 19 June 2007

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.