House Property
This query is : Resolved
02 August 2010
A individual sells his House on FEB 2010 before completion of the loan. My question is,
Can he claim the interest paid during the year as Loss from House property & Principal U/s 80C?
Can he claim the interest paid during the year as Loss from House property & Principal U/s 80C?
02 August 2010
IF HE HAS SOLD HOUSE AFTER LOCKING PERIOD.
THEN HE CAN CLAIM INTERST PAID UPTO DATE OF SALE AS LOSS FORM HOUSE PROPERTY AND PRINCIPAL U/S 80 C.
THEN HE CAN CLAIM INTERST PAID UPTO DATE OF SALE AS LOSS FORM HOUSE PROPERTY AND PRINCIPAL U/S 80 C.
Message likes :
1 times
02 August 2010
locking period is 5 years
Reverse Of section 80C benefits
One more point ,I would like to point out here that as Per section 80C ,if a person is claiming House loan repayment benefit under section 80C and have sold the House within 5 years from purchase of the house then all the benefit availed under this section (80C) will be reversed and included in the taxable income of the year in which house has been sold.
In you case you have purchased house in March ,2006 and sold the same in Jan,2010 means before the expiry of the five years from the purchase of the house , so tax benefit (if any ) on repayment of house loan)availed by you under section 80C ,In Financial year 2006-07,2006-08,2006-08 will be revered in Financial year 2009-10 and no benefit in Financial year 2009-10 in respect of old house .So keep this point in Mind
http://www.simpletaxindia.org/2010/02/capital-gain-house-sale-reverse-section.html
Reverse Of section 80C benefits
One more point ,I would like to point out here that as Per section 80C ,if a person is claiming House loan repayment benefit under section 80C and have sold the House within 5 years from purchase of the house then all the benefit availed under this section (80C) will be reversed and included in the taxable income of the year in which house has been sold.
In you case you have purchased house in March ,2006 and sold the same in Jan,2010 means before the expiry of the five years from the purchase of the house , so tax benefit (if any ) on repayment of house loan)availed by you under section 80C ,In Financial year 2006-07,2006-08,2006-08 will be revered in Financial year 2009-10 and no benefit in Financial year 2009-10 in respect of old house .So keep this point in Mind
http://www.simpletaxindia.org/2010/02/capital-gain-house-sale-reverse-section.html
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
