Long term capital gain and housing loan on 80c

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Pramod Mishra (Querist)
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28 May 2013 I had made agreement with builder on Dec-2006 for under construction flat and got possession of my flat in July-2009. Registration of flat was done on Oct-2008. I know if you sell your house after three years and within five years of buying it, all the tax deductions on Principal will be reversed and included in the income in the year of sell. While considering the 5 years criteria, which date one should consider (Agreement date with builder or registration date or flat possession date)?

If in my 80C sum of other investment (insurance premium, PF, EPF etc) is more than one lakh, in that case will my housing loan principal will be added to my income while selling house under 5 years criteria of long term capital gain?

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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29 May 2013 if your other deduction is 1 lac then it will not be reversed as you can claim that you had not taken deduction of the same. Further date of possession shall be considered.