Hi friends,
I have a query. There was an residential house property which was a short term capital asset and now its sold resulting to short term capital gain. There was a loan taken for this purpose from the bank and principal repayment was claimed as a deduction under Sec 80C and Interest repayment for such property was claimed under the head Income from House property when the asset was under there ownership. Now my query is whatever earlier (i.e before sale) we had claimed the principal repayment and Interest repayment does it gets reversed after sale, and if yes under which under which head it gets taxed.?
The above transaction relates to financial year 2016-2017.
Please help me with the solution ASAP.
CAclubindia
