80c deduction query

Tax queries 511 views 5 replies

Hi All,

please tell me If deduction is available under sec 80 C for repayment of Housing Loan if the said House property is sold or the account is closed?
Thanks in Advance

Replies (5)

The said property was purchased in f.y. 2005-2006 and sold in f.y. 2010-2011. Deduction for this property (Housing Loan) can be cliamed or not for ay 11-12?

deduction is available upto the date of sale........

as the loan get auto closure with sale property, so no deduction afterwards.

Deduction can not be claimed.

Deduction claimed earlier will also be treated as Income in the year of sale.

Since 5 years have not been elapsed from the end of the financial year in which the property

has been purchased.

Sir,
The individual has purchased the house property in 05-06 for Rs 758000
And sold the same in 10-11 for Rs 1621000
He was claiming housing loan repayment deduction 14642,9929,7420,6200,5564 for the respective years and wants to claim 326246 for the p.y. 2010-2011
His capital gain stands 536618 (1621000 - 758000*711/497) He had deposited Rs 1300000 in Deposit scheme. He has paid interest u/s 24(b) 10283 also has b&p income and other sources income around 60000. Please help in the matter. How to compute his Total Income for the a.y. 2011-2012?

deduction cannot be claimed...:(


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register