02 November 2010
If a property is selling within 3 years from its date of acquisition the income will be Shot term capital gains with normal rate. I want to know whether the interest paid on the Loan taken for the purchase of the said property can be taken as cost of acquisition like expenses incurred for registration. If it is selling beyond 3 years what are the allowable expenses ? Will it include the interest on Loan also ? Kindly clarify....
CAclubindia
