I have sold a house within 5 years of purchase. In the previous years of ITR filing, I have claimed 80C deductions for repayment of principal on the house loan. I understand that these deductions will now be reversed and treated as income in the year of sale.
My questions are:
- Where should I declare this as income in the ITR filing?
- Does this additional income qualify for advance tax calculations as well?
Thanks
CAclubindia
