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Calculation of short term capital gains

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(Querist)
10 February 2014 Property purchased on 12.03.2012
Date of Sale - now
Cost of flat - 40 Lacs
Housing loan interest paid till dated 5 lacs
sale proceeds 60 lacs
what will be the short term capital gains. - whether interest can be added to cost
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
10 February 2014 Your STCG will be Rs. 60 - transfer exp - Rs. 40. you can claim interest paid on housing loan up to Rs. 150000 (u/s 24(b)) and sett of against STCG (u/s 70)
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 February 2014 yes interest is to be included in the cost..
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