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Lock in period for housing loan tax benefit

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(Querist)
24 April 2012 Dear All,
Please advise whether there is any lock in period for sale of house properties if we have taken tax benefit u/s. 80C (repayment of principle amount) and u/s. 24(Interest payable on housing loan).
Thanks
Ramesh
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Amol S Joglekar

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Amol S Joglekar (Expert)
24 April 2012 No. Indirectly, one may say 3 years cut off is for making the deal "long term" else no locking period as such.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 April 2012 The assessee has to hold the house for five years. If transferred before the expiry of five years, deduction allowed u/s 80C (2)(xviii) shall be deemed to be income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.
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