Tax treatment if House sold within 5 years of possession?

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  1. D K KASHYAP

    D K KASHYAP New Member

    If the property, on which exemption has been claimed under section 80C (and section 24b for interest part), was let out in that case also exemption under 80c will be revoked if property is sold out after 3 years (But, within 5 years).
     
  2. B Sen

    B Sen New Member


    Mr. Rudra Bose,

    For the purpose of Income Tax computation can you please clarify what is considered as a the "Date Of Purchase" for a flat? Is it the "Date Of Agreement" or the "Date Of Registration Of The Property" or the "Date Of Possession". For eg:- If for someone who had booked an under construction flat in August 2009 with Home Loan what would be considered as the Date Of Purchase for Income Tax purpose (5 years time period constraint for 80C benefits)

    Date Of Agreement: August 2009
    Date Of Registration: March 2012
    Date Of Possession: April 2012
     
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