26 May 2009
Hello, I have sold my house within the 3 year time frame, hence it is a short term gain. I had taken a home loan for the same and had claimed the deduction of 150000.
If i am not wrong, in case the house is sold within 5 years, the interest deduction claimed will have to be reversed ? Is this correct ?
What section mentions this ?I am unable to find the same
26 May 2009
Your undersatanding is not correct. There is no provsion in section 24 of the Act for reversal of interest deduction. The reversal provsions are for benefit of capital gains taken on a long term capital assets under section 54 and 54F of the Act.
CAclubindia
