Whether interest on loan paid (loan taken to aquire shares) can be included in cost of aquisition for computing Short Term Capital Gain u/s.111A.
1 Replies
V Sumanth
(CA Final student)
(77 Points)
Replied 03 July 2010
Hi friend,
The interest cost will also form part of cost of acquisition provided it is not claimed under any other section as it amounts to double deduction under IT Act,1961.
I have attached a Karnataka High court Judgement on a similar subject. Refer the same, surely your query will get solved.
Attached File : 13 detailed case law.doc downloaded: 193 times
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