01 September 2009
I have purchased a flate of rs.31 lakhs four year ago & for this purpose, I took loan of rs. 25 lakhs. till now I have paid 12 lakhs as interest on loan & one lakh rs.as repayment of Principal amount. now I have sold this flate for Rs. 64 lakhs my queriezs are: 1. whether interest paid on loan ( 12 lakhs Rs.) would be consider for purpose of cost of acquisition.
2.is there any exemption avialable u/s 54 of income tax act. I want to take loan of rs. 2o lakhs from bank & invest it in purchase of new house & utilise long term capital gain in some other purpose.
CAclubindia
