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Capital gain tax

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Querist : Anonymous

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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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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