Reversal of 80c deduction for home loan sale of flat

This query is : Resolved

Santosh Kumbhar (Querist)
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06 July 2017 Sold property after 3 yrs and i have taken 80C deduction for Home Loan Principal amt paid.
Agreement entered in Feb-17 Part money recd before YE 31-03-17., balance in F.Y.2017-18.

Kindly advice do i have to reverse 80C deduction for 3 yrs taken and also advice capital gain to be shown in this F.Y.16-17.

Amol S Joglekar

Amol S Joglekar (Expert)
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06 July 2017 the aggregate amount of deduction that has been availed in last 3 years shall be deemed to be the income of this year

Santosh Kumbhar

Santosh Kumbhar (Querist)
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07 July 2017 Thanks
but what about capital gain working do i need to give details in Return to be filed for 31.3.17 as property sale part money received in F.Y.2017-18.

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Amol S Joglekar

Amol S Joglekar (Expert)
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08 July 2017 when is the deed of sale registered....in fy 2016 -17 or fy 2017-18?

Santosh Kumbhar

Santosh Kumbhar (Querist)
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10 July 2017 deed of sale registred in Feb-17 means in F.Y.2016-17

Amol S Joglekar

Amol S Joglekar (Expert)
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10 July 2017 yes, your capital gain is in the FY 2016 - 17. You have to show it in the return of income.