Intrest on loan

This query is : Resolved

sagar (Querist)
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20 February 2012 i purchased flat in 2008 if i sell that now will i have prob of reverting tax benifit on interst/principle amt paid to EMI ?

I heard after loan is closed you need to wait for 5 years is that true ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 February 2012 You need not to reverse interest amount. Only benefit claimed U/s 80C towards principal repayment has to be reversed.
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Principal is reversed to the extent of deduction claimed, only. Suppose you have paid 80000 LIP, 40000/- Principal repayment, in such case you can say that Deduction claimed is 20000/ only.
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