Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2015
Sir,
Assessee has availed a loan of say Rs. 5 lakhs which is utilized for land development. We can take the whole expenditure as cost of improvement in case of LTCG. My question is can we take interest paid on the above loan as cost of improvement?? If yes, then Whether Indexation will apply on such interest?
Thanx in advance
Assessee has availed a loan of say Rs. 5 lakhs which is utilized for land development. We can take the whole expenditure as cost of improvement in case of LTCG. My question is can we take interest paid on the above loan as cost of improvement?? If yes, then Whether Indexation will apply on such interest?
Thanx in advance
27 September 2015
Interest paid on the loan can NOT be taken as cost of improvement. Both the subjects are independent...say cost of improvement is Rs. X...out of that Rs. Y is taken as loan.
Cost of improvement is unmoved or unchanged,,it is still Rs. X
Rs. Y and repayment of Y has no bearing of whatsoever nature on X
Cost of improvement is unmoved or unchanged,,it is still Rs. X
Rs. Y and repayment of Y has no bearing of whatsoever nature on X
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