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
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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