31 July 2010
Can A Assessee sell his Let-out house property for which from past two years he is claiming interest for loan borrowed (and still he has not settled the loan & still paying the interest) u/s.24 ??? If he sells will there be any reversal of interest( Deduction claimed
31 July 2010
no reversal of interest needed.. however it is to be noted tat watever principal deduction is claimed u/s 80C and the house is sold within 5 years then the deduction so claimed shall be deemed income in the year of sale
CAclubindia
