Udgam Koomar (Tax Technologist) (1949 Points)
20 July 2013Hello A house (construction linked plan) was sold withing 2 years so im calculating STCG...i had taken a loan and i paid interest on it. Now while calculating STCGc can i deduct loan interest that i paid under expenses? the loan ws fully paid back before house sale
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 20 July 2013
generally u can claim deduction of interst paid under head income from house property and loan repaid under sec 80c subjected to maximum of rupees 1 lakh.but u cant get deduction of interst paid on housing loan as purchase cost
CA Nitin K. Varshney
(FCA DISA CCA Peer Reviewer (ICAI))
(606 Points)
Replied 20 July 2013
Interest on Housing loan will not be included in cost of acquisition. claim interest on housing loan under the head house property and principal part in sec. 80C.
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 July 2013
You have already taken the benefit of this u/s 24, claiming the interest as deductions.
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