COST OF ACQUISITION
This query is : Open
17 April 2011
Dear Sir,
Can any body tell me regarding interest paid on housing loan is treated as "cost of acquisition" while transfering the capital asset to avoid capital gain
I have not claimed this interest anywhere for deduction under income tax act
Thanks
Shrishail
Can any body tell me regarding interest paid on housing loan is treated as "cost of acquisition" while transfering the capital asset to avoid capital gain
I have not claimed this interest anywhere for deduction under income tax act
Thanks
Shrishail
CA PARAS BAFNA
(Expert)
17 April 2011
It is not forming part of Cost of acquisition as well as cost of improvement of the asset, hence interest can not be considered to reduce the impact of capital gains.
Acquisition of house completes when you have taken the possession. Interest till the date of possession may be said to be forming part of the cost of acquisition but after that, it can not be said so.
However you may obtain opinion on the issue from other experts also.
Acquisition of house completes when you have taken the possession. Interest till the date of possession may be said to be forming part of the cost of acquisition but after that, it can not be said so.
However you may obtain opinion on the issue from other experts also.
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