Mr. A has a housing loan of Rs.30,00,000.00, for which he is paying Rs.2,50,000.00 interest every year. He is debiting that interest in House Property Account and claiming Rs. 1,50,000.00 deduction u/s 24. My querry is while selling the property the interest debited in property account - eligible for indexation - shall it be considered as cost of improvement ?
3 Replies
Priyanka
(Chartered accountant)
(371 Points)
Replied 27 November 2009
no sir, u r already claimimg interest as deduction. u cannot take double deduction for the same by considering it as a cost of improvement.
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