I brought a residential land in 2003 for 10 lakhs. Registration and brokerage expenses were about 1.4 lakhs.I availed a personal loan for 6 lakhs towards this. Loan duration is 5 years and will be complete in another 6 months.I'm planning to sell this property now for 25 lakhs. Since i was holding the property for more than 3 years,
it will be a long term capital gains. Can i account the interest paid while calculating capital gains?
2 Replies
Bala
(CA Practice )
(63 Points)
Replied 16 December 2007
In a recent case law it has been held that interest on term loan for acuqiuiring the house will not be allowed as a deduction for calculating capital gains. Being interest on loan for house property, it could be claimed under the Income from House property as per provisions of IT ACT
Recent Topics
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
- How to reverse wrong transaction payment in phonep
- Issue with refund for person who has filed for rel
- How to take ITC for October 2024 GST Payment in PM
- How to refund a wrong transaction Phone Pe?
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
Related Threads
CAclubindia
