My query is if i had taken loan at the time of purchase of my house property in 2000 and now in 2018 i am selling the property then whether i would be allowed to take interest on borrowed loan for calculating capital gain u/s 48 as cost of acquisition and if yes then how indexation will be taken on interest amount???
Also i have acquired propert in 2000 but certain installments for payment of property were going on till 2002 then whether i would take indexation of whole cost of acquisition for the year 2000 or indexation of remaining installments till 2002 will be separately calculated ..
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Interest on borrowed loan for house property
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No deduction in respect of interest expense paid at the time of acquisition of house property will be allowed. As per section 48 of I.T.Act, 1961 deduction with respect to purchase cost, any improvement thereon and any transfer expense paid at the time of transfer is allowed as deduction from the Full value of consideration of the house property.
But i had found one case law where it was allowed
Ok...Just send me the Case Law...
ill send u the link
Ok Thanks...
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