I built a house 2 years back and the construction was incomplete due to funding issues. I have a Home Loan of Rs 8 lakhs on it, for which I have so far not availed any income tax deduction benefits.
I sold a non agricultural land recently for Rs 16 Lakhs, and am now planning to complete the construction of the house by also adding additional rooms.
Can I offset some of my Capital gains arising out of the plot sale against the expenditure already incurred on the incomplete house, and also for the remodelling of the house?
regards,
Srinivasa M
CAclubindia
