What happens if i buy a flat by taking a loan and then sell it off after 2 years. What happens to the tax rebate availed in the first and second year's interest.
RE:RE:Home loan interest
by Upadrasta PardhaSaradhi on Jun 01, 2007 06:22 PM Permalink
Officially you can not avail the tax rebate if you are planning to sell your property in the next 5 years. But technically, you will enjoy the rebate for the 1st and 2nd year even if yuo sell in the third year as nobody will check these things. :)
if you want to escape , you can always escape. :):)
RE:Home loan interest
by Amitabh on Jun 02, 2007 03:50 PM Permalink
No,Sir,they are right.There is a lock in period.You must won the house for 5 years if you want deduction under sec 80C for principal repayment.
RE:Home loan interest
by Upadrasta PardhaSaradhi on Jun 01, 2007 07:12 PM Permalink
see your Home Loan Interest Certficate and it says the rebate is only applicable if you dont sell the property in the next 5 years. :)
