06 October 2009
I want to ask that is there any time period within which house should not be sold or transferred in case of availing benefit u/s 80c of repayment of the principal amount of loan taken ?
Yes, There is a condition imposed by sub-section 5 of Section 80C. If you will sell the house before 5yrs from the end of financial year in which possession of property has been acquired by you, your total claim of 80C of earliar years will be treated as income of the year in which you sell the property. For example X has taken possession of the property on July 2003, then he should sell the property earliest during the FY 2009-10.
07 October 2009
Yes,for a period of five years you can't transfer the property, if you are transferring it you are liable to tax which you have claimed exemption u/s 80c.
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