This condition, however, does not apply to principal repayment of the home loan under section 80C of the Income tax Act. Is there any restriction on the sale of a house property for claiming home loan benefits? -Aninda Banerjee, email If you claim a home loan benefit on your house, whether constructed or purchased, then you cannot sell the house within five years from the end of the financial year in which it was purchased or constructed.
If the sale occurs within five years of the construction or purchase, then the tax benefit claimed on account of principal repayment of the home loan during the period would be disallowed, and the tax so saved would now be payable in the year of sale of the house property. I sold a house last year for which I had not received the rent for six months.
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