Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2011
TO CALCULATE STCG ON SALE OF A FLAT, CAN WE CONSIDER THE HOUSING LOAN INTEREST AND REPAYMENT OF PRINCIPAL, ALONGWITH REGISTRATION CHARGES AND OTHER EXPENSES. IF SO IS THERE ANY UPPER LIMIT ? THE FLAT WAS PURCHASED IN 2010 AND SOLD IN 2011, PERIOD OF ABOUT 1 YEAR.
21 September 2011
Interest on housing loan is allowed as deduction u/s 24.
Repayment of principal amount is allowed as deduction u/s 80C.
While computing capital gain, only expenses on transfer are allowed as deduction.
Interest & principal repayment will not be allowed as deduction.
Repayment of principal amount is allowed as deduction u/s 80C.
While computing capital gain, only expenses on transfer are allowed as deduction.
Interest & principal repayment will not be allowed as deduction.
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