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jishnu (Querist)
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26 December 2013 case:1 An Assessee constructed a Residential house in new delhi in 2003-'04 F.Y by taking a loan in ICICI Bank construction took 4 years to complete and Assessee claimed intrest in I.F.H.P. Head and he decided to sell the residential property in 2012-'13 F.Y. L.T.C.G.arised on sale Now,can an assessee claim the intrest in the gain under indexed cost of acquition??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 December 2013 You can add the interest till the construction date to the cost of asset and index it (even if the said interest was claimed as deduction in five instalments under 24B. The interest after the completion of the construction cannot be added. It appears to be a case of double deduction but has not be disallowed by the act.

Please refer http://baranwalaman.blogspot.in/2012/11/deduction-us-24b-for-interest-paid-on.html

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jishnu

jishnu (Querist)
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26 December 2013 sir,but which provision specifies that double deduction is not eligibe can you please point out that provision

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 December 2013 which provision says that friend? and this is not a case of double deduction. Please refer to the link I gave you. It has a specific tax case law covering the facts of your case.

jishnu

jishnu (Querist)
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26 December 2013 ok thank you sir

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 December 2013 you are welcome.

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