Lock in period for housing loan tax benefit
This query is : Resolved
24 April 2012
Dear All,
Please advise whether there is any lock in period for sale of house properties if we have taken tax benefit u/s. 80C (repayment of principle amount) and u/s. 24(Interest payable on housing loan).
Thanks
Ramesh
Please advise whether there is any lock in period for sale of house properties if we have taken tax benefit u/s. 80C (repayment of principle amount) and u/s. 24(Interest payable on housing loan).
Thanks
Ramesh
24 April 2012
No. Indirectly, one may say 3 years cut off is for making the deal "long term" else no locking period as such.
24 April 2012
The assessee has to hold the house for five years. If transferred before the expiry of five years, deduction allowed u/s 80C (2)(xviii) shall be deemed to be income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.
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