One of my friends had bought a residential property in mumbai on loan, he used to avail the benefit of housing loan repayment u/s 80C, within three years he sold the same flat and has bought a new flat for himself in some other place. I want to know whether as per section 80C if the residential property is sold within 5 years, the benefit enjoyed under this section will b reversed or not. Whether the loan repayment for 2 years taken as deduction will be now considered as income and will b correspondingly taxed or not. Please help me in the same.
22 May 2012
Yes Sec 80C mandates a lock in period of 5 years in case of residential house. In your case, since the house was sold within 5 years, the deductions claimed earlier will now be taxable.
22 May 2012
Yes Sec 80C mandates a lock in period of 5 years in case of residential house. In your case, since the house was sold within 5 years, the deductions claimed earlier will now be taxable.
22 May 2012
Yes Sec 80C mandates a lock in period of 5 years in case of residential house. In your case, since the house was sold within 5 years, the deductions claimed earlier will now be taxable.
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