Pricipal repayment of house loan
This query is : Resolved
21 May 2015
Sir, if am claiming deduction u/s 80 c in respect of principal of house loan. And if I sell this house before period of 5 years does the principal repayment of house loan which was allowed earlier as 80c deduction is taxable ? If yes, under which head of income
21 May 2015
Section 80C(5) also states that in
case the assessee transfers the house property
on which he has claimed tax deduction under
Section 80C before the expiry of 5 years from
the end of the Financial Year in which the
possession has been obtained by him, then no
deduction and tax benefit on Home Loan shall be
allowed under Section 80C. The aggregate
amount of tax deduction already claimed in
respect of previous years shall be deemed to be
the Income of the Assessee of such year in
which the property has been sold and the
Assessee shall be liable to pay tax on such
income.
case the assessee transfers the house property
on which he has claimed tax deduction under
Section 80C before the expiry of 5 years from
the end of the Financial Year in which the
possession has been obtained by him, then no
deduction and tax benefit on Home Loan shall be
allowed under Section 80C. The aggregate
amount of tax deduction already claimed in
respect of previous years shall be deemed to be
the Income of the Assessee of such year in
which the property has been sold and the
Assessee shall be liable to pay tax on such
income.
Message likes :
1 times
22 May 2015
Sir under which head this income would be taxable
22 May 2015
Sir under which head this income would be taxable
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