House property deductions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2013
If house property is sold within (a)3 years and (b)if sold within 5 years
When deductions claimed under sec 24(b) of interest payment and sec 80C of housing repayment reversed are reversed?
When deductions claimed under sec 24(b) of interest payment and sec 80C of housing repayment reversed are reversed?
12 August 2013
1. Deduction in respect of interest shall NOT be reversed in any case.
2. If house property is transferred within 5 years, then the TOTAL amount of principal repayment allowed as deduction shall be deemed to be the income of the year for the year in which the house is sold.
2. If house property is transferred within 5 years, then the TOTAL amount of principal repayment allowed as deduction shall be deemed to be the income of the year for the year in which the house is sold.
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