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capital gain from the sale of house

This query is : Resolved 
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(Querist)
01 September 2009 I have purchased a flate of rs.31 lakhs four year ago & for this purpose, I took loan of rs. 25 lakhs. till now I have paid 12 lakhs as interest on loan & one lakh rs.as repayment of Principal amount.
now I have sold this flate for Rs. 64 lakhs
my queriezs are:
1. whether interest paid on loan ( 12 lakhs Rs.) would be consider for purpose of cost of acquisition.

2.is there any exemption avialable u/s 54 of income tax act. I want to take loan of rs. 2o lakhs from bank & invest it in purchase of new house & utilise long term capital gain in some other purpose.

kindly advise me.
thanks
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
02 September 2009 1. NO

2.YOU HAVE TO INVEST IN NEW HOUSE AS PER CONDITIONS OF SECTION . INVESTMENT OF CAPITAL GAINS IN SPECIE IS NOT REQD.
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