CuriousMind (NA) (139 Points)
25 July 2024Dear Experts,
Can you pls help understand what all heads can be claimed under new LTCG calculations for this FY ( 2024-25 ) considering indexation is excluded by govt ?
1. Loan interest amount ?
2. Improvement cost ( interior ) ?
3. Brokerage cost ( separately during purchase and sale time ) ?
4 . Stamp duty during purchase ?
5. Lawyer / notary Fee ?
6 . 1% TDS for seller ?
7 . Periodic Renovation cost ?
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 26 July 2024
1. Loan interest amount No
2. Improvement cost ( interior ) yes
3. Brokerage cost ( separately during purchase and sale time ) yes
4 . Stamp duty during purchase yes
5. Lawyer / notary Fee yes
6 . 1% TDS for seller No
7 . Periodic Renovation cost depends
CuriousMind
(NA)
(139 Points)
Replied 26 July 2024
Thanks Anoop Ji , that helped.
People should be crystal clear on buying property with bank loans . Its not only a sheer waste of your huge hard earned money but also a death trap ( mortgage literally means the same ) , Which we all should stay away from .
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 26 July 2024
Taxpayers can claim interest on their housing loan in their ITR when filing it. If they purchase a commercial property, they can claim these benefits in their profit and loss statement.
CAclubindia
