Deduction u/s 24 and cost of acquisition
This query is : Resolved
03 March 2014
Suppose an individual buy a flat (In construction) for Rs 5 crores by taking a housing loan of Rs 4.5 crores and paid Rs 4,00,000 as procesing fees.
1. Whether the procesing fees paid during pre construction period will be allowed u/s 24 in House Property.
2. Whether the interest paid and processing fees paid to be capitalised to HP.
3. Whether the processing fees paid will be considered as "Cost of Acquisition" while selling the said property in the future.
1. Whether the procesing fees paid during pre construction period will be allowed u/s 24 in House Property.
2. Whether the interest paid and processing fees paid to be capitalised to HP.
3. Whether the processing fees paid will be considered as "Cost of Acquisition" while selling the said property in the future.
04 March 2014
1. going by section 2(28A) processing fee could be included in interest and by logic included in pre-construction interest
2. when you sell the house (on a later date) you can include the interest paid in cost.
2. when you sell the house (on a later date) you can include the interest paid in cost.
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